Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-367-000"
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"en.20120912.22.3-367-000"2
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"Mr President, Commissioner, thank you for these proposals and for the enormous contribution that you and your team have made over the summer period. We are, in any event, aware of the fact that this is a complex subject, which should not be over-simplified and which should be examined in detail.
I can see that you need to manage two contradictory aims. On the one hand, you have the unity of the internal market about which we care a great deal and on which, as you said, we worked two years ago. We have the right of oversight over an institution to which we have contributed. On the other hand, there is the perfectly legitimate right of the euro area to enhance its credibility in the sovereign debt crisis. I believe you also have tried to strike a balance. In the forthcoming discussions, we will see if it is the right one.
I would like to point out two things. You have been brave enough to decide to place all banks under the responsibility of the European Central Bank (ECB), which is, I believe, the right approach in terms of competition. Furthermore, it allows you to make the point to the outside world that the supervision of the banks in the euro area is a European affair, and that is obviously an important point to make. It is also very important to emphasise that we are opening up to countries which are not yet members of the euro area, and to which, I believe, we should appear to be welcoming. Therefore, we shall of course deal with these issues as coherently as possible.
I also have a small concern about the change to which this might give rise for the Central Bank. I am not saying that it should not be done. I believe that we must look at things carefully. The strength of the ECB today is its independence, the narrowness of its mandate and its federal structure. What we want is an institution which is more accountable to the elected representatives, with a much wider mandate and one that is part of a network. We must ensure that we retain all the qualities of the Central Bank, when we give it another function.
Finally, my last point, you will doubtless remember that, when we proposed a much more integrated supervision, we were very aware of those companies which act as a bank and an insurance company at the same time. We proposed bringing together the banking and insurance authorities in Frankfurt. Keep that in mind. The closer people are to each other and the more we work together, the better it will be for companies."@en1
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