Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-380-000"
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"en.20120912.22.3-380-000"2
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"Mr President, ladies and gentlemen, I wonder what the purpose of a banking union might be.
If its aim is to ensure greater supervision, then I wonder what purpose was served by the recent establishment of a European banking supervision authority, unless it was to decree the failure of these authorities, which have been unable to provide any useful answers.
Many banks have continued to behave recklessly, not helping the real economy but instead investing in risky and ethically questionable operations, such as the Spanish banks’ ongoing financing of their country’s debt-ridden major football clubs.
Instead of a banking union, I think it would be more useful to talk about bank separation; I mean splitting deposit banks from investment banks, along the lines of the Glass-Steagall Act in the United States.
Banks that hold money from current accounts and small savers should certainly be protected, but I see no reason why we should provide common safeguards – in other words, funded from every citizen’s pockets – to cover those banks that try to make their profits from speculation and high-risk investments."@en1
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