Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-23-Speech-3-020"
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"en.20100623.9.3-020"2
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"Mr President, let me first say that it goes without saying that the Member States of the Union have to play an important role, a vital role, in the economic strategy of the Union and of the eurozone in the coming years.
The proposals of the Commission and de Larosière are based on a European supervisory authority for the banks. That is the main proposal. And what the Ministers of Finance did, in the Ecofin in December of last year, was simply a little bit of coordination between national supervisors – national supervisors which did not work in the financial crisis. There was not one national supervisor which raised the alarm with the politicians at the moment of the financial crisis and now they are explaining that it is a good system, that they have simply to coordinate themselves.
So what we need is that from the Council, from the European Council, pressure should now be put on the Member States themselves to go in the direction of a European supervisory authority based on the proposals of de Larosière.
But the most important question today is another one; namely, who will carry out the control and who will do the sanctioning if some of the Member States are not fulfilling the conditions – that is the key question. Will the control be in the hands of the Member States themselves, of the Council? Will the Member States be sanctioning themselves or will it be an independent institution, a
European Union institution? That is today’s key question.
And I have to tell you that I do not think that there is anyone here in this House who believes that the Member States should sanction themselves. They did not do so in the past; why should they do it in the future? Let me give your some examples. The Lisbon Strategy failed because there was no system of an independent institution controlling the Member States on applying this Lisbon Strategy.
And the same applies to the Growth and Stability Pact. What happens in the Growth and Stability Pact? When it is the small countries that are not fulfilling the conditions, then we experience a Greek Tragedy. And when it is the large countries that are not fulfilling the conditions, as Germany and France did, they simply adapt the Stability and Growth Pact.
So if the Member States cannot do the job, it is an independent
institution which has to do it, we are convinced of that. We have two resolutions on this that have been adopted, mostly unanimously, and a few days ago, the President of the European Central Bank, Mr Trichet, gave exactly the same analysis here in this Parliament.
Well, should it be the European Parliament, the Commission, the President of the European Central Bank? We think that it is for the European Central Bank, or the European Commission – Trichet even proposed another institution, though I do not think that we need new institutions for that – but anyway, under the
method, the European institutions have to fulfil that role.
That does not mean that the Member States do not play a role; no, they have to implement this whole strategy in daily politics, in the daily strategies that they develop in their own countries and that is what we need. We need that in the Growth and Stability Pact. We need it in the Euro 2020 strategy and we need it also in the new competitiveness strategy that we are to develop in the next month.
My second point is about financial supervision. What is the problem here? The problem is that the European leaders will go to the G20 and they will not be able to announce an agreement on financial supervision.
The reason is very simple, the reason lies with the Ministers of Finance, of the European Union, of Ecofin, who, in December, went back on the good proposals of the Commission based on the de Larosière report. That is the problem. It is not here that the message has to be given; we have to give the message to the Ministers of Finance. They have to go back on their proposals and go in the direction of the Commission."@en1
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