Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-426-250"
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"en.20121120.28.2-426-250"2
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At its plenary sitting in Strasbourg today the European Parliament voted for a draft report that would create tighter fiscal discipline in the European Union and take specific steps towards the establishment of a banking union. The Thyssen report on ‘Towards a genuine Economic and Monetary Union’ was created in response to decisions made at the June summit of the European Council. The document highlights that the financial markets have become increasingly fragmented in recent years, their activities have become complex, and this situation has contributed significantly to the financial, economic and social crisis which emerged and still continues in Europe today. This is why it is vital not only for there to be Member State economic policies and fiscal austerity measures coordinated at EU level, but also for the Union to have a supervisory framework that is capable of covering, forecasting and under certain circumstances managing systemic risks. The new structure would create a more predictable regulatory environment and redress the imbalanced financial situation between banks and sovereign debts, whilst restoring confidence in the financial market. This is why I voted in favour of the draft report."@en1
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