Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-12-Speech-4-208-906"
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"en.20130912.43.4-208-906"2
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"This regulation seeks to adapt the European Banking Authority (EBA) to take account of the impact and the consequences of the ECB assuming responsibility for supervising euro area banks, in particular its decision-making processes involving single supervisory mechanism-participating and non-participating Member States. The final regulation agreed by MEPs and national governments strengthens the EBA’s tasks and powers in the SSM, including in relation to launching stress-tests. The SSM is an essential part of European banking union. This is not an abstract end itself but is central to breaking the link between banking and sovereign debt and for repairing the flow of credit to the real economy, especially SMEs. We have to make sure that if bankers are tempted to indulge in wild speculation again, they will not be bailed out by taxpayers, as was disastrously decided in Ireland in 2008, but by the financial sector itself. Bankers will now have to show that they have sufficient resources, valuable assets and clear balance sheets. We should now complement this necessary measure by adopting the single resolution framework, as proposed recently by the Commission, and by the deposit guarantee schemes mechanism."@en1
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