Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-099-000"
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"en.20120912.4.3-099-000"2
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"I personally welcome the idea of a banking union, which has provoked considerable displeasure at government level in the Czech Republic. Its existence should restore confidence in banks and in the single currency of the euro. It would also be part of the long-term plan for the economic and fiscal integration of the EU. The main elements of banking union include banking rules that are applicable throughout the EU – including the common but flexible requirements for the level of capital that banks must maintain, and unified EU banking supervision with direct monitoring of banks operating in many countries and of large banking houses, which would allow enforcement of the rules and greater oversight concerning the control of risks. It also includes common rules to prevent bank failures and allow greater intervention when a bank gets into difficulties – so that it will not be necessary to rescue the bank with taxpayers' money - and a unified system of deposit insurance providing protection to savers, regardless of which EU state they put their money in or invest in. The aim is to strengthen confidence in the banking system as a whole."@en1
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