Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-402-000"

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"en.20120912.22.3-402-000"2
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"Mr President, the decision to confer on the European Central Bank central powers for supervision has been made necessary by the fact that now we must move from a view of supervision that is still broadly national to one that is fully European. That is the crucial decision that the European Council has taken and which involves conferring new powers on the European Central Bank, an institution which, in addition to being completely federal and integrated, has also shown its expertise since the beginning of the crisis of the euro area. I believe that it is essential for this decision not to be questioned in the forthcoming legislative process. I am not calling for a model where supervision would no longer be in the hands of national and local authorities at all. To the contrary, the distribution of powers must be objective and gradual so that we can reconcile an overview with supervision of what is happening on the ground. We should also be careful not to make public institutions, whether national or European, compete with each other. I understand that the European Banking Association (EBA) retains duties which are not insignificant, but it is clear, to my mind, that, of the two, it is the European Central Bank that is set to play a crucial role. The work that is starting now should not serve to reopen discussions which have been settled. The more complex and fragmented the supervisory architecture is in France, the less robust the European banking landscape will be."@en1
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