Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-043-000"
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"en.20111012.14.3-043-000"2
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"Mr President, Mr Dowgielewicz, Mr Barroso, in view of the fact that, after three years of discussing means and policies to get us out of the crisis, we have to recognise today that we are in a deeper crisis than admitted during the summer of this year, we need to analyse once again the actual nature of our common European mistakes and how things could get this bad. Analysing mistakes is, in my opinion, the best way to make sure we do something better in the future.
I would like to recall a situation that, for me, was typical of the crisis management of the European Union, particularly the European Council. I will not forget how Josef Ackermann, the chief executive of Deutsche Bank, and Baudouin Prot, the chief executive of BNP Paribas, became directly involved in the discussions of the Council at a very decisive moment in July of this year. I believe that – before we move on to the next bank rescue package – we need to agree in general in the European Parliament that we must no longer do this on the basis of erroneous considerations. These grey eminences of capital must not be allowed to determine how we change our regulation of the banking sector. That is my fundamental plea today.
We talk so loftily in euro jargon of the recapitalisation of the banking sector. In my view, up to now, we have only kept the banks on life-support; we have not really rescued them. In particular, we have still not rescued a single country in the European Union during the crisis of the last few years. Therefore, before we call for the second bank rescue package, we need to ask at what cost we actually want to do this. I firmly believe that these costs should be low, because they will be borne by taxpayers. I believe that we need to link recapitalisation with as comprehensive control of these banks as possible. In Germany, there is talk of intelligent nationalisation. Something like this should be regulated at European level. It needs to be clear that, if we provide the money again, the party has to be over for those who are making money in the banking sector.
I have yet to hear anything about a genuine European regulation of the recapitalisation of these banks. Dexia is, for me, a name that is synonymous with the failure of European politics in the banking sector. Dexia passed the stress test without a problem. If I have judged the situation correctly, Dexia would also comply with all the new rules that you have proposed without a problem. Every obstacle posed by the rules that we are now planning for 2013 would be overcome by Dexia. This is a situation, Mr Barroso, that we need to rectify. The same applies to the European Parliament. There needs to be a strict brake on debt for the banks, and this must not wait until 2019. We also need binding liquidity rules, even if it means that we in the European Parliament suddenly find that we do not have the same level of agreement as we would have in a vote on the Community method.
What should the banking sector in Europe look like in the future? In our view, it must be reduced in size. How many troubled large banks can we sustain in the long term? We believe that it is a lot fewer than we currently have. We need to achieve a situation where the banks once again become service providers for the real economy and where they are not the ones that are primarily making profits through speculation. That is also something that we need to decide. Mr Schulz is nodding. I am aware that we are more in agreement on one side of this House than in the House as a whole. Our decision today is all well and good, but there is still much to discuss in terms of the details."@en1
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