Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-13-Speech-4-312-875"
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"en.20120913.29.4-312-875"2
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"I voted in favour of this resolution because I believe a banking union and a single supervisory mechanism are needed in the European Union. At the same time, I should like to emphasise that the Commission must develop this mechanism to a very high quality in order to avoid distorting competition in those Member States in which the euro has not yet been introduced. I can only express regret that such a union and such supervision were not established along with the introduction of the single currency, because that would have allowed several Member States to avoid bank collapse or nationalisation. The European Central Bank will have the decisive role in this process. The Member States will have to hand over certain supervisory functions to the ECB, which has caused dissatisfaction in several Member States, but our financial situation will benefit from it in the long term. The ECB has not given any reason to doubt its independence and is able to take decisions that are significantly more difficult to adopt at a national level in a calm and rational way. I consider this a decision that will help Europe regain the trust of the financial markets."@en1
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