Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-242"
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"en.20100922.20.3-242"2
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"If there is one thing that we have all learnt from the recent crisis, it is the need to reform the institutional supervisory structure by creating European bodies and, in so doing, to rethink the whole concept of macro- and micro-economic supervision. The European Banking Authority comes as a result of that.
Confidence in banking was severely damaged by the global financial crisis, and so the markets – and Europeans in general – urgently need to start trusting the soundness and robustness of their banks again and, most especially, to regain confidence in the supervisors. That is why the role reserved for this new European Banking Authority is so decisive for the future.
On this point, we can be in no doubt: where there are financial institutions whose bankruptcy may cause the entire financial system to collapse, we cannot carry on doing nothing.
As my colleague, Mr García-Margallo y Marfil – who has played a vital role throughout this supervision dossier – has quite rightly said, ‘There are only two choices here: increased powers for national supervisory authorities or more Europe. More protectionism or more internal market.’ On this question, I am in no doubt as to which path we should follow: it has to be more Europe and more internal market, with close and competent supervision."@en1
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