Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-399-000"
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"en.20120912.22.3-399-000"2
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"Mr President, firstly, I believe it is appropriate to congratulate Commissioner Barnier on his hard work and the great passion he is putting into this project.
We are again faced with a decisive moment for the euro. There can be no more delays. We have to progress towards true economic and monetary union, and ultimately, true political union. There is no going back. We will all agree that banking union is the first basic and essential step towards political union.
There are three main pillars of this banking union. The first is a single supervisory authority, which supervises all banks in the euro area, and it is even more important that it comes into force as soon as possible. The second is a common deposit guarantee fund. The third is a banking crisis management mechanism.
We also need the option to be able to directly recapitalise banks when required, to break, as mentioned by Commissioner Barnier, the vicious circle between banking debt and sovereign debt, and to finally overcome the debt crisis. This is the real deal. There is no going back on the euro. The Spanish Government has made a proposal, an ambitious proposal, in this respect. This was born out of the Spanish Government’s commitment to Europe and the euro."@en1
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