Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-609-000"
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"en.20140204.59.2-609-000"2
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"Mr President, we should all make sure that the lessons of the past are learnt and mistakes are not repeated. Before the crisis, shareholders and investors benefited from the profits made by banks, but when disaster struck taxpayers were left to cover the losses. We have already changed that with new rules across the single market, which are being mirrored across the globe, so investors take the first losses and depositors are protected.
This Parliament has made some helpful changes to this legal text to make sure that its rules mirror those across the single market, but this piece of legislation is primarily for those in the euro area. As an economist I understand why monetary union needs a closer fiscal union and a banking union. If those within the euro area want to pool their sovereignty then that is their choice, but it is also a huge change and it is no wonder the negotiations are difficult. There are large amounts of money at stake and my Group has empathy with national governments which want a say.
My Group also has many Members from nine different countries which are not currently in the euro area, some of which will never join the euro area, and the rules for the euro cannot be cut and pasted to those outside. Those inside should not expect others to pick up their bill and Parliament’s text does not address this issue. When banks fail, we know decisions need to be taken quickly, and too many cooks spoil the broth.
I understand why colleagues from other groups want fewer decision-makers at the table and they do not want all the cards held just in the hands of a few large countries. But every bank is different, circumstances are never predictable and so experts also warn us against the tick-the-box approach. We must have some flexibility and not be too prescriptive.
However, we are really debating this today because some MEPs are fighting not about the big picture, but about the legal instrument. They are dancing around on the edge of the Treaty and it is a dangerous dance. If there is legal uncertainty at the time of crisis, our economies will pay."@en1
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