Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-122-000"

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"en.20121023.5.2-122-000"2
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"Banking supervision was discussed at the summit and under the plans the ECB should become the regulator, but its buying-up of dubious government bonds has made it part of the problem. The ECB needs to regain its independence first by ceasing to inflate its balance sheet with government and bank debts. Then it will be able to supervise the banks, provided the banking supervision and monetary supervision are functionally separated, and provided the separation does not mean that the banking supervision has to be brought under the political control of Parliament. The Stability and Growth Pact has shown that political supervision does not work. In any event, banking supervision is not a cure for all problems, as the continuing concern about Greece, Portugal, Spain and Italy pushes us into a tough conversation about the future of the euro. This will involve serious discussion of painful solutions."@en1
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