Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-029-000"
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"en.20121120.3.2-029-000"2
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"Mr President, today’s debate and previous discussions of the Committee on Economic and Monetary Affairs have focused on accountability and seeking solutions to the many outstanding issues which need to be resolved for banking union to work. The most important thing we, as parliamentarians, can do on this wide-reaching proposal is to guarantee legal certainty as far as possible.
In the US, the overarching financial crisis legislation, Dodd-Frank, has come under huge legal scrutiny. A few months ago the CFTC, which was charged with writing rules under Dodd-Frank, lost their legal case around position limits because the political agreement had been to look at where the position limits were necessary, whereas the CFTC had interpreted this as implementing them without consideration of necessity.
The wrongs and rights of this case are obviously up to the US legal system. However, there are lessons to be learned about how political compromises can lead to legal battles in the court. Banking union will seek to supervise the euro area’s largest banks. These banks have large legal teams, which they will not hesitate to use. Unintended consequences need to be kept to a minimum and cross-cutting legislative issues identified and addressed in advance. Above all else, we must shy away from political fudges and ensure that we create a stable and legal framework that will truly stabilise the financial system."@en1
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