Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-122-875"
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"en.20120703.5.2-122-875"2
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"The decisions made at the European Council meeting last week meant that, at last, important steps were being taken towards more effective crisis management and, at the same time, long-term economic growth. There is a fateful connection between acute crisis management and longer-term measures: neither will work without the other, and both are needed. The decisions served to establish a development in the right direction towards a comprehensive banking union within the EU. It is now time to sever the link between national debt and the debts accrued by banks. It is one that has proven extremely toxic and has encouraged the crisis to escalate. This can be achieved by means of the remedies decided upon by the Council last week. An integrated financial framework and the establishment of a common, robust European Banking Authority both have this particular aim in mind. Such a development does not mean that there should be no limit to the injection of cash made available to the banks in addition to over-indebted countries. On the contrary, this is specifically about the fact that, in future, taxpayers will no longer have to foot the bill for errors or abuse on the part of any one bank, but, instead, the parties liable will be those who incurred the costs in the first place – the banks themselves. It is important that the process starts to be built now, in a logical order and as a workable whole. An essential part of this process must be a banking authority with strong powers that has the wherewithal to restructure banks that have got into difficulties, as well as a Common European Fund, which could be a way to guarantee the protection of deposits and to minimise costs to EU citizens as a result of any possible collapse of the banks. The Commission should comply with Parliament’s demands and propose a legislative package covering the Council’s decisions by the autumn."@en1
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