Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-743-000"
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"en.20110510.68.2-743-000"2
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"As we can see today, the stress test of banks operating in European Union Member States carried out last year failed to reveal the true situation in this sector. The Irish example has shown that this check was fundamentally unreliable. This year a slightly improved test was also carried out, and we are all awaiting its results. I feel that in order to restore EU citizens’ faith in the banking and financial system in general and to ensure the credibility of the whole European financial institutional framework, the newly created European Banking Authority must be given much greater powers and a more important role. I believe that tests should be carried out systematically and cover as broad a range of risk elements as possible – these vary across the Member States. The European Banking Authority should also lay down clear procedures and have the opportunity to submit decisions that are obligatory for banks if the checks carried out reveal banks’ financial instability or unreliability."@en1
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