Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-364-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20120912.22.3-364-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:translated text |
"Mr President, honourable Members, Madam President, I should first like to thank Ms Bowles for the question she has asked today, on the day when the Commission, after extensive efforts which I have had the honour of leading under the authority of President Barroso, publishes its proposal for a single supervisory mechanism in the euro area banking sector.
Finally, this system will be open, so to speak. We are proposing to those Member States that are not, or not yet, in the euro area to join the single supervisory mechanism voluntarily.
I am aware that some of you are concerned about the legal basis that we have chosen. These people rightly point out that this basis does not provide for a co-decision procedure, but rather the unanimity of the Council, even though Parliament played a crucial role, which I do not forget, in the introduction of supervisory authorities for markets, banks and insurance companies.
Ladies and gentlemen, to be perfectly frank as I have always been with you, the choice that we made is the result of several objective considerations. Article 127(6) of the Treaty has the precise objective of entrusting supervisory tasks to the European Central Bank. That was therefore a logical and solid basis, and that is why the Heads of State or Government of the euro area explicitly requested the Commission to work on this basis in their declaration of 29 June. However, Parliament, Madam President, ladies and gentlemen, will have its role to play. That I know and that is what I wish. I shall pay attention to any comments, proposals or criticisms that you make, because the two proposals that we are making today, for the regulation of the European Banking Authority (EBA) and for supervision, go together, as President Barroso said this morning to you and in your name.
Furthermore, the texts that we propose introduce a genuine system of accountability of the new and future supervisory Council vis-à-vis Parliament, which I think is a big step forward.
Thus the second regulation that I have just mentioned will be targeted at adapting the functioning of the EBA to take account of the new balance arising from the single supervisory mechanism.
This regulation is based on Article 114 of the Treaty, which provides for the ordinary legislative procedure. This proposal amends certain voting procedures within the EBA to enable to it continue to play a full role in developing common standards for the single market as a whole. This amendment is also targeted at enabling decisions to be taken and guaranteeing the single market as a whole, while protecting the rights and interests of each of its members.
Finally, we are putting forward a document which provides the background to this single supervision project. We cannot put together integrated, efficient supervision without solid foundations, and these foundations, these bases for the 27 countries of the European Union – and that is why I do not want us to confuse the scope of the regulation, which is the same as that of all the other texts we have been putting together for the last two and a half years and that of the supervision – are the legislative proposals already on the table, and partly also adopted, and in some cases already implemented, concerning the future resolution of banking crises, the deposit guarantee system and the requirement for own resources through Capital Requirements Directive IV (CRD IV).
These initiatives are key elements in what we together have called the ‘single rulebook’, for the internal market, which should indeed apply to all 27 Member States. The Commission does not therefore intend to withdraw either of these two proposals, which not only are compatible with banking union, but are also essential to its development and essential if we want to protect and consolidate the single rulebook, this common regulation for the European banking union as a whole. That is why I want Parliament and the Council of Ministers, and this is something we will discuss with the ministers tomorrow in Cyprus, to come to an agreement as soon as possible on these texts.
This clearly shows that strengthening the single market and single supervision are two complementary processes. Naturally, the introduction of this banking union will take us further on the way towards strengthening our dispute resolution and guarantee mechanisms, in accordance with the guidelines that have been clearly laid out in the report by the four Presidents and in the European Commission’s communication.
Ladies and gentlemen, we are all well aware that there is an urgent need to pull the euro area out of the crisis that it is in, and for the European Union, with its single market, to recover the growth that its citizens expect.
I would like to thank you sincerely, Madam President, for the opportunities that you have given me to listen to you, to reply to you and to listen to other MEPs who have opinions about this topic.
I wanted to draw attention to this urgent need, and that is why the Commission, since 29 June, has worked tirelessly, seriously and yet fast, to be able to put on the table in front of you and the governments these two proposals, which go together, to create an open, robust and credible supervisory system.
We want, with this banking union, to provide responses to the challenges that Europe and, in particular, the euro area, is currently facing. These, honourable Members, are challenges that you know well as you have been taking action and talking about them for a long time now.
The first concerns the link between the situation of the banking sector and sovereign debt, a link that we want to break. The second concerns the temptation banks have to turn in on themselves, when in difficulties, and retreat to their national domain. It is therefore high time that we took action, and that is what we are doing today with these two legislative proposals, which are complementary and which should allow for the introduction of a single, efficient supervisory mechanism.
Firstly, the Commission presents a proposal for a regulation based on Article 127(6) of the Treaty to entrust the European Central Bank with specific missions in the area of prudential supervision. This is a simple system, it is credible and we believe that it is robust. It will enable the European Stability Mechanism to play its role if necessary, in accordance with the rules laid down in its decision-making procedures.
It is a credible system because the European Central Bank will, ultimately, be responsible for taking key supervisory decisions, namely those which have an impact on or consequences for financial stability. Other supervisory decisions, for example, and your Assembly pays very close attention to these in the case of consumer protection, will remain clearly within the sphere of competence of national supervisors.
The single supervisor will thus be able to grant and withdraw licences from banks, check the risk management of a bank or even require it, within the framework of a European prudential regulation, to increase its funds.
This system is as simple as it is because we plan to make the European Central Bank responsible for the supervision of all the credit institutions in the euro area. These, ladies and gentlemen, are, quite simply, the lessons that we have drawn from the crisis. Systemic crises can be caused, as we have seen, by difficulties in medium-sized banks, sometimes even small banks, and not only by major international groups.
This system is also robust because, quite clearly, it is not a question of asking the European Central Bank to do everything by itself. We want to retain a role and responsibility within the joint supervisory framework for national supervisors who, as we are well aware, have resources, expertise and experience in each country. This single supervision will need these to plan its decisions, carry them out and implement and apply what I shall call the manual for single supervision for each of the banks, but do it at national level, once again, relying on a national supervisor."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples