Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-414-000"
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"en.20120912.22.3-414-000"2
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"Mr President, honourable Members, I have listened to each of your speeches with particular attention; please forgive me, for once, for not being able to respond to you individually, but I have to be away from the building shortly.
I would sincerely like to thank you for the wide range of points of view you have expressed, for the constructive and critical approach, which I welcome, that you have adopted towards these two regulations proposed by the Commission. What has cost taxpayers money, as I mentioned to some of you, is the fact that certain banks had been poorly supervised. What we propose is for banks, whatever their size, in the euro area and in any country that so wishes, for this is an open process, to be supervised in a serious, integrated and effective manner, precisely to protect consumers, companies and citizens. We shall go further, Mr Klute, on the question of consumer protection, over the next few months. The proposals that we have made are balanced. Many of you, Ms Bowles first of all, have mentioned the single market. I would like to point out that we must not confuse regulation with supervision. Regulation falls within the powers of the 27 countries and the single market, which I support, as do you, and for which we are responsible. We shall continue to create the different elements of this package with supervision for 27, with capitalisation for the 27 countries and 8 000 banks, with credit and deposit guarantee schemes and with dispute resolution systems. The 27 countries need this regulation, as well as the other two parts of the package that we will propose on the parallel banking system and the separation of risks in banks, following the Liikanen report. This regulation will belong to the 27 and to the single market.
The issue here, because there is the euro on one hand and an additional need for stability on the other, is that within the euro area the personality and nature of the supervision will be different. It will be more integrated. Mr Langen, we shall take account of the role and position of national regulators. We are not going to do that from Frankfurt, on a daily basis, for all 6 000 banks. There will be work to be done in a coordinated framework, and it will be broadly decentralised at the level of all the banks. In our proposal I, as indeed all of us are, am extremely concerned about the ways in which those countries either not yet or not in the euro area could be associated to this regulatory system.
Finally, as you all already know, I, like President Barroso, am committed to Parliament. We were careful to plan for parliamentary control systems for this supervisory mechanism and I shall act as guarantor of the proper exercise of this parliamentary control in the introduction of this new regulation.
I should like to point out that the stability of the euro area, because that is what is at issue, is not of concern only to the countries of the euro area. It concerns the whole of Europe. When the euro area is fragile, when it is in crisis, Europe as a whole suffers the consequences. We must give ourselves the means to guarantee the stability of this area. This is not the only response, but it is a fundamental and far-reaching element, I admit, in terms of integration in the euro area to guarantee the stability of this area and, beyond that, the stability of the entire single market."@en1
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