Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-17-Speech-3-049-000"
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"en.20130417.3.3-049-000"2
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"Madam President, ‘act in haste, repent at leisure’ applies to those Eurogroup-cum-Troika meetings where what seems to be decided is that there
be a decision, even if it is a bad one. That is the terrible template.
Even since the abortive first Cyprus package, when Europe’s ‘best’ stood ready to allow a raid on insured deposits, there have been many suggestions on how to levy more fairly on deposits, or even to apply a wealth tax, which has precedents for
burden-sharing in difficult times as long as it is not discriminatingly targeted at deposits.
Retrospective interest taxes, putting some elements of deposits in escrow as an advance interest tax, and other such schemes could have raised funds from deposits without devastation, but you gave no time.
Many of Europe’s people now stand aghast at the final solution, where uninsured depositors have been treated differently, where businesses close and jobs are lost to protect taxpayers from sharing in losses of state-funded depositors. This does not make economic sense for future recovery, to say nothing of the loss of moral compass. Anyway, something will have to be done.
Finally, Cyprus teaches us that we need many clearer rules on bank resolution and hierarchy. But surely alarm bells should ring when liquidity operations for an individual institution become of the same order of magnitude as GDP. That is a recipe for moral hazard or behaviour more befitting loan sharks. Defence is in transparency. People – investors – need warning."@en1
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