Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-718-000"
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"en.20110510.68.2-718-000"2
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"Mr President, Commissioner, if there is one thing we have learned in Europe from the recent financial crisis, it is that full capital adequacy of our credit institutions and effective supervision of the level of risk they undertake are key points in overall economic – not just financial – governance. Lasting and cohesive restoration of growth in the European economy necessarily depends on the restoration of confidence in the banking sector and the restoration of a financial system in general that functions smoothly and transparently and resumes its basic role as a source of finance for the real economy.
As we have seen in practice, and as various speakers have pointed out, last year’s stress tests did not achieve their objective of highlighting which banks enjoy the necessary confidence of their consumers, their creditors and the national regulatory authorities.
This year, we are in a different situation. The stress tests will be carried out by the new supervisory authority, the European Banking Authority, and we must avoid last year’s failure at all costs. This will basically depend upon imposing common stress criteria to banks, which are interpreted and applied uniformly and broadly, so as to cover the various risks to each national market.
Commissioner, this is, without doubt, the top priority at the stress test stage; however, I would also point out that, in the second stage, full and fundamental preventive supervision will need to include appropriate mechanisms to address what, to date, has been a particularly shadowy banking sector."@en1
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