Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-053-000"
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"en.20121120.3.2-053-000"2
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"Mr President, we all recognise the importance of this report and the efforts made by the rapporteur to achieve a consensus, and I would therefore firstly like to congratulate Ms Thyssen.
This House has called on previous occasions for the establishment of an integrated financial framework, budgetary framework and economic policy framework. At the Council in June the guidelines and roadmap were agreed, which we must now begin to follow. It is now the time to do what was agreed.
The first step is banking union based on three pillars. Firstly, a single supervisor, which is the key to breaking the circle between banking debt and sovereign debt; a second pillar based on the common deposit guarantee mechanism; and a third pillar based on a common bank crisis resolution system.
These are three basic pillars in order finally to begin to generate stability and confidence. In this sense, I support the European Central Bank taking on as soon as possible the powers to act as single independent supervisor over all banks, obviously with the cooperation of the national authorities.
With regard to direct recapitalisation of banks, I support what was adopted at the Council in June, in which the possibility was confirmed of a direct injection of cash into the banks once the single supervisor begins operation.
In addition, fiscal union is the other goal that must be achieved in the medium term, in order to achieve an authentic and genuine economic and monetary union.
In the same way, as a culmination of this whole process, we should move towards some sort of mutualisation of debt, in order to put an end once and for all to the differences in interest rates due to the doubts generated regarding the euro area.
What is most important in all of this is what I said at the start: to do what we have agreed, therefore I reiterate my full support for the rapporteur."@en1
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