Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-409-000"
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"en.20120912.22.3-409-000"2
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"Mr President, we need a banking union. In my opinion, the Commission’s proposal is heading in the right direction, because it centralises supervision at a time when virtually all European banks are operating across national borders. In fact, this should no longer even be called into question.
We need to break the vicious circle where, in recent years, Member States, which have already been hit by the crisis, have had to burden their budgets even more with additional capital injections for banks.
In so doing, banks have exacerbated the public finance crises in their respective countries and put a strain on European taxpayers.
We will be handing over the task of supervising and penalising banks to the European Central Bank. That process requires more than just greater detail with regard to the technical issues connected with the submission of information to, and cooperation with, national regulators. It also requires a clearer and more transparent and accountable governance of the European Banking Union.
Allow me, therefore, to reiterate what we, members of this House, clearly said in the resolution for a banking union: we need a strong role for Parliament in the supervision and remediation of European banks and in the process of setting up and implementing a banking union."@en1
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