Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-02-Speech-4-370-500"
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"en.20120202.31.4-370-500"2
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"A functioning single market is one of the cornerstones of the EU, and its maintenance and associated monitoring during the ongoing crisis, the impacts of which are closely connected to a functioning financial market, are therefore acquiring greater significance. In the period from 1 October 2008 to 1 October 2010, the Commission took more than 200 decisions on State aid for the financial sector. In 2009, the nominal amount of aid to the financial sector used by Member States constituted EUR 1 107 billion, or 9.3% of EU GDP. This aid will undoubtedly continue during the crisis, and I therefore applaud the fact that the Commission has introduced a requirement applicable from 1 January 2011 onwards to submit a restructuring plan for every beneficiary of a recapitalisation or an impaired assets measure, irrespective of whether the bank is considered to be fundamentally sound or distressed. The Commission should therefore ensure the orderly restructuring of banks, with shareholder and bondholder involvement, prior to the injection of public capital. I also consider it vital for the Commission to carry out an
analysis of the impacts of ECB support received by the banks during the crisis and other public interventions. Overall, it can be said that the report submitted by Andreas Schwab represents a clear analysis of the annual competition report and reflects the comments of the European Parliament, and I therefore recommend it for approval in the version submitted."@en1
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