Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-135-250"
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"en.20121023.5.2-135-250"2
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".
The essential element for the single supervisory mechanism for banking to succeed is to ensure the equal participation of all Member States in the decision-making process. The dominant weight of euro area capital in EU Member States with national currencies requires a balanced configuration of the regulatory framework. Otherwise, not only will the European Union be transformed into a structure made up of 17 decision-makers and 10 victims, but also, the conditions for major systemic risks will be created.
The agreement regarding the gradual implementation of the practice for banking control in the euro zone indicates a departure from counterproductive debates on banking and budgetary union in European priorities. The French-German compromise, indispensable for the Union’s cohesion, could be the right solution for reducing the very dangerous interdependence between banks and governments. To reduce the vicious circle of increasing interest rates, the lowering of ratings and liquidity problems, we need more than just measures; we also need a framework that will force the banking sector to become sustainable and responsible when faced with speculative tendencies. The serious effects of the economic crisis, which started in the financial sector, force us to act so that ‘banking ethics’ does not become a contradiction in terms."@en1
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