Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-732-000"
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"en.20110510.68.2-732-000"2
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"Mr President, during the turbulent period that we have been experiencing with regard to our public finances over the last few years we have lost our focus on the root of the problem. In our work to rescue the public finances of the weakest countries we have tended to forget that it is the banks that are our biggest problem.
This is the case partly on account of the fact that the long line of disasters in the banking sector is the main reason why the public finances of so many countries are so fragile now and partly because many of the key weaknesses of the banking system still remain. We need to find viable solutions for the public finances of Athens, Dublin and Lisbon. However, these solutions will not be worth very much if we do not at the same time support those European banks that are still not able to stand on their own feet. If we do not make the effort that is needed at this stage to create a sustainable banking sector, it will sooner or later result in a burden on public finances that even the strongest countries will find it difficult to cope with.
What is particularly disheartening in this context is the fact that several countries that currently have robust finances are doing so little to deal with the weaknesses in their own banking systems. They loudly demand that Greece, Ireland and Portugal improve, but fail to do their own homework, despite the fact that they have the resources. That is unacceptable.
It is clear that the ongoing stress test must be carried out in a stringent and transparent way that inspires confidence. It is equally clear that the stress test must be followed up with appropriate initiatives to address the weaknesses that are identified. A common European strategy for this would be very valuable. I expect the Commission shortly to take such an initiative on the basis of the guidelines proposed by Parliament in Mrs Ferreira’s report on crisis management in the banking sector. At the end of the day, however, the main responsibility remains at national level. All countries, and the strongest ones in particular, must ensure that they deal with the shortcomings that still remain in the banking system. Thank you."@en1
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