Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-629-000"
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"en.20140204.59.2-629-000"2
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"Mr President, as many before me have made clear here today, Parliament will not tolerate yet another old school and convoluted agreement cobbled up among Member State governments at the behest of the most powerful among them.
Only a common EU solution can realistically prevent a repetition of the costly financial and banking disasters of our recent past. We know that very well in Ireland. As we said in December, our position stands: no deal is better than a bad deal. The Council of Ministers would have us leave failing banks festering until 2020, without any common backstop whatsoever, before national resolution funds begin to merge into a single resolution fund.
That means that individual, vulnerable Member States would again be liable to falling prey to isolation and costly bailouts at their taxpayers’ expense, the link between banking and sovereign banks would not be severed and, at the same time, people would end up paying for systemic failures that were also the responsibility of much bigger banks abroad. The EU banking union must be worthy of its name."@en1
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