Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-12-Speech-4-222-984"
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"en.20130912.44.4-222-984"2
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"The allocation of specific tasks to the European Central Bank (ECB) relating to the prudential supervision of credit institutions is a key component of the single supervisory mechanism (SSM), the first essential step for European banking union. Banking union is not an abstract end in 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, which is vital for jobs. Making the ECB responsible for supervising euro area banks will help ensure the stability of Europe’s banking system. The necessary transfer of supervisory powers from national authorities to European level is matched by enhanced accountability of the ECB to the directly-elected representatives of the peoples of Europe in the European Parliament, through the participation of the Chair of the Supervisory Board in Parliament hearings on the conduct of the ECB’s supervisory duties, annual reporting by the ECB on the execution of its supervisory tasks to MEPs, etc. We must now complement this reform with a single resolution framework, as proposed recently by the Commission, and with a deposit guarantee schemes mechanism, which is still stuck in Council."@en1
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