Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-12-Speech-4-094-000"
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"en.20130912.12.4-094-000"2
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"Mr President, today’s vote on a Single Supervisory Mechanism was first announced in July 2012 as part of the new banking union for the eurozone. However, there are three important aspects still incomplete: achieving a deposit guarantee scheme; a framework for the recovery and resolution of banks; and, of course, establishing a common resolution fund for those euurozone banks in trouble. None of these matters, however, should be rushed: getting the architecture of the eurozone right, this time round, is critical.
It is therefore of paramount concern to anyone, inside or outside the Single Supervisory Mechanism, that we build this new structure with care and pre-awareness of the potential consequences for all the players. The many safeguards and democratic accountability mechanisms that we are all used to in our national context have been assured in this new pan-European supervisory structure, although the ECB, as an independent supervisor, should be aware that independent does not mean unaccountable.
Parliament’s negotiating team has insisted on an interinstitutional agreement which allows Parliament greater scrutiny over the ECB’s decisions on banking supervision. We have put in place a system whereby Parliament should be in a position to understand, and hopefully to explain to our citizens, the difficult decisions that the ECB will have to take in future about the state of banks and the economy at large.
My group was keen to ensure that the supervisory arm of the ECB and the monetary policy arm of the ECB remain separate. Monetary policy should always be free from political influence, and I am happy to say that this has been achieved with separate staffing arrangements and separate reporting lines, as well as specific supervisory board decisions to be agreed within a structure that will then be proposed to the governing council for endorsement.
Uniquely in the European Parliament, the ECR Group has more members from countries outside the eurozone than from countries within it. Some of those countries are signed up to join the eurozone, while my own Member State, of course, is not. I would therefore like to say a personal thank you to the members of the negotiating team, in particular Ms Thyssen and Mr Giegold, for recognising that for banking union to work it must take into account the needs of those outside the eurozone as well as those within it.
This package, which we will vote on today, establishes the single banking supervisor for the eurozone area whilst respecting the integrity of the single market. While so many eurozone banks are operating across EU borders, and own many banks in non-eurozone countries, the success of this single supervisory mechanism is of importance to all European countries. I fully recognise that it was hard for some parliamentarians to support a dual voting structure within the European banking authority, but safeguarding the single market for those who have chosen to stay outside the eurozone is yet another key to economic recovery and future stability.
Big political projects which fail to take into account the realities on the ground are part of the reason why we have had a wider sovereign debt crisis in the eurozone. I can only ask that my colleagues working on the other legs of the banking union are also open-minded in considering the views of those who remain outside the ECB single supervisory regime. Ensuring fairness for all Member States, and allowing those who choose to do so to stay outside single systems, can and does make a difference both practically and emotionally to my constituents. A more integrated financial system for the euro area is becoming a reality within a broader single market."@en1
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