Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-730-000"
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"en.20110510.68.2-730-000"2
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"Mr President, Commissioner, ladies and gentlemen I should like to thank you for your answer.
The important thing is to make the proper diagnosis, but also to be able, after the diagnosis, to apply the proper treatment. We therefore need to make the stress tests more transparent and reliable – and we are headed in the right direction – but we also need to make the response more effective.
We need solvent financial institutions, a stable financial system and, above all, the restoration of the flow of credit into the real economy.
Banks that pass the stress tests are not exempt from making every effort to tackle adverse scenarios and to prepare for an increasingly demanding regulatory situation. Banks that do not pass the tests should immediately seek solutions to tackle the situation, and the Member States – those that have not done so already –should adopt initiatives to help them and contribute to their recapitalisation or to seeking means of resolution.
The European Banking Authority can issue recommendations to correct risks detected, so as to identify any institutions presenting systemic risk – which will be subjected to a higher level of supervision – and so that rescue, recovery and resolution procedures can be followed.
You will have our support for those procedures, Commissioner, so that an ambitious European framework can be created even in order to go further, because monetary union requires greater financial integration, but it also requires greater fiscal and political integration."@en1
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