Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-110-000"

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"en.20121023.5.2-110-000"2
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"Mr President, ladies and gentlemen, there is an old principle that has passed from the legal to the political world and it is ‘ ’, which means ‘agreements must be kept’. By that, I am referring to the important measures adopted by the European Council in June to put an end to the crisis in which we find ourselves. Since these agreements were adopted, market pressure has eased, with markets welcoming decisions capable of breaking the vicious circle between banks and sovereign debt, as well as plans to move towards a genuine economic and monetary union and the commitment to defend the euro at all costs. Ladies and gentlemen, the European Council held last week undeniably achieved some positive results: satisfactory progress was made towards a banking union, while the agreement between the 27 Member States on the creation of a single supervisory mechanism is also to be welcomed; and it is right that this task should be entrusted to the euro area finance ministers. However, I must criticise the biased interpretations that have, unilaterally, been made in this respect. It is not acceptable to make personal interpretations that could misrepresent the mandate granted to the finance ministers, nor do we approve of describing as settled matters that were not even discussed. We urgently need to move towards a real single supervisory mechanism that covers all financial institutions. A joint deposit guarantee scheme and a crisis resolution mechanism must also be implemented. The euro’s survival depends on the rapid creation of an effective banking union."@en1
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