Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-095-000"
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"en.20121023.5.2-095-000"2
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"Mr President, with the bottom-up approach, step by step, during a period of four years, the jigsaw puzzle for fencing the monetary union with an economic, budgetary, fiscal and now banking union is gradually being completed. But the decisions are hesitant and sometimes ambiguous, the implementation very slow, while the markets are reacting with a speed we cannot match.
The main necessity for the banking union is the moral hazard which exists in asking taxpayers to shoulder the recapitalisation of private banks, and even their rescue. The idea is for banks to borrow directly from the EMS, under conditions to be established in the coming months and through a supervision mechanism at European Central Bank level, and thus to decouple the burden of Member States’ sovereign debt for the sake of banks. If a number of banks now need direct support, this is due to the necessity of capitalisation at the new levels required and to the non-serviced loans as a consequence of the economic crisis. That is why this new mechanism should apply retroactively, covering banks that are now in this difficult situation."@en1
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