Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-13-Speech-4-314-000"
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"en.20120913.29.4-314-000"2
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"The regulation of the banks is a first step towards a European banking union. We have thus come to the crunch, and much sooner than expected. It is clear that this supervisory authority, which is to be located within the ECB, cannot be responsible for all 6 000 banks in the euro area. Smaller institutions should be monitored by the national authorities in any case. Cross-border shared liability is a mistake, as the harmonisation of EU supervision law and practice are not sufficiently developed for this purpose. Thus, if the euro area Member States and this House were to support the Commission proposal, hard-up banks could receive funding directly from the European Stability Mechanism (ESM) as of the start of 2013, without recourse to the Member State in question. That would represent collective liability for European bank debts in itself. It would also mean that the crisis fund, as capital provider, would also become the co-owner of ailing institutions such as those in Spain. Cross-border credit and transfer services represent the
communitarisation of the liability. The banks would have to pay money into a common European deposit guarantee scheme without being able to influence the risk and business policy of the banks in other Member States. That is like an invitation to pursue particularly risky business activities that such institutions would otherwise avoid. All the proposals should therefore be rejected."@en1
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