Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-05-21-Speech-2-513-000"
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"en.20130521.40.2-513-000"2
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"Madam President, these are the first step on banking union. We know the theory: there is supposed to be a severance of the ‘doom loop’ between banks and sovereigns. But that cannot come from European Central Bank supervision alone – and with regard to the link between ECB supervision, recapitalisation and the European Stability Mechanism (ESM), the goalposts keep on moving.
Nevertheless, we have the prospect of ECB supervision and the expectation that this will promote market confidence. To justify that expectation there is a place for stress tests and assessment of asset impairment. However, while supervision may restore market confidence, it cannot resolve bad loans currently on banks’ books.
Turning to what supervision by the ECB means in democratic terms, I refer to the comment by Marco Buti, the Directorate-General for Economic and Financial Affairs (DG ECFIN), made at the Blueprint Conference, that giving banking supervision to the EU is an even greater handing-over of sovereignty than joining the euro. This can be nuanced, but make no mistake: it is a huge step. For that reason, the European Parliament has written in as many accountability steps as possible, including for national parliaments.
Negotiation of an agreement with the ECB, covering issues of disclosure, a code of conduct, inquiries and appointment procedures for the supervisory Chair, is under way and is part of the package. That is why there will be no final vote until there is demonstrable agreement.
The ECB has also been given a duty of care for the single market. Following the tacit acceptance of a raid on insured deposits and the subsequent shaming of the Troika for it, I hope that all EU institutions have learnt the lesson that they must have the courage of their convictions about the single market, even in the face of difficulties. The single market requirements also mean that the European Banking Authority (EBA) is even more important. Voting arrangements have been balanced for now, and it is time for the EBA to prove its strength – as I believe it can. An EU-wide supervisory rule book and handbook are important, and it is sad that they have been written out of some of the proposals recently."@en1
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