Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-719-000"
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"en.20110510.68.2-719-000"2
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"Mr President, Commissioner, a lot of things have been said about methodology. You have responded in detail. I would just like to make a brief comment about what is going to happen after the stress tests, by echoing slightly what Mr Gauzès said, which is that one cannot indulge oneself by adopting laws: they have to be adhered to.
For my part, I see these tests as supplementing the economic governance package. We can do whatever we like with regard to sovereign debt, but if we do not clean up the banking sector, we will achieve nothing. I simply wanted to draw your attention to what is going to happen and to how these famous backstop measures will enable action to be taken at the end of the stress tests.
I also wanted to draw your attention to what happened during the hearing with Mervyn King and Andrea Enria, whose very determined action we applaud. They came to see us in their capacity as Vice-Chairs of the European Systemic Risk Board, and we had the pleasure of hearing, from Mervyn King in particular – it was rather amusing, if you recall last year’s negotiations, Commissioner – that the safeguard clauses, which the Member States delighted in adding to the package developed by the Commission, would not prevent them from following the recapitalisation guidelines given by the European Banking Authority (EBA).
I just wanted to bring that small point to your attention. From a systemic point of view, the Systemic Risk Board itself believes that this is important, and I believe that if the quality of the work done by the EBA, with your support and under the supervision of the Systemic Risk Board, means that we can happily shelve those absolutely ridiculous safeguard clauses that the Member States sought to include in the supervision package, then we will have taken a step forward. I therefore hope that the Commission and the Board will be very keen to ensure that concrete measures are taken by the Member States, large or small. Spain has set an example by doing a certain amount of work; we hope that the others will follow."@en1
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