Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-26-Speech-3-016-000"

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"en.20111026.3.3-016-000"2
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"Mr President, the main message from the Committee on Economic and Monetary Affairs is that the new European Financial Supervisory Authorities must be given the resources they need to be able to operate effectively. It is good that Parliament is now sending a clear signal to the effect that the supervisory authorities must be built up quickly and their budgets increased in line with the extension of their mandate. The fact that the Council wants to make cuts in the Commission’s draft budget is utterly absurd. The work of the European Banking Authority in carrying out stress tests shows that supervision needs to be made more robust. The watering down of the stress test in June was largely due to the fact that the authority was not strong enough to withstand the banking lobby and individual national interests. The more accurate reassessment of the test that the authority has now carried out indicates increased independence, but still does not provide an accurate picture of how bad the situation is in European banks. The aim must be for the authority to be able to act in a completely independent manner in the next test, and for that it requires adequate resources."@en1
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