Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-019-000"
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"en.20121120.3.2-019-000"2
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".
Mr President, there is no point in going into fine detail in today’s debate, but we should critically evaluate and analyse the whole concept of a banking union from a political point of view. I would like to add four observations.
Firstly, the creation of a banking union is not an economic solution to the economic difficulties facing the European Union. The essence of the economic difficulties is the high and unmanageable public debts and the associated failure of governments to cope with this reality with their respective policies. Therefore the fact is, with regard to the banking union, that it would only open the way to the recapitalisation of the banks from the European Stability Mechanism, which is not a solution to this situation.
Secondly, the banking union is not based on the current legal status of the European Union; it is a sudden project, not an evolutionary one, and it is a project that only enforces and prejudges a new system of governance. Advocates of a banking union themselves admit that their performance is subject to the completion of a fiscal union, elimination of tax competition, and harmonisation of taxes and the budgets of the Member States. This is not possible without a political union, however, and this has been admitted by representatives of the European Commission, including both President Barroso and Ms Reding. We do not want such a union.
Thirdly, the banking union, if launched in the proposed format, will not be a project that would connect and further integrate the European Union; it will be a project which will divide and, in effect, deepen existing economic, social and social-structural cracks. This could be dangerous for Europe in the future.
Fourthly, and I think this should have been top of the list because it is a fundamental concern: a democratic mandate to create a disputed project must be thoroughly consulted on with citizens of the Member States, and based on what they want. If not, and if the banking union is created contrary to public opinion, it will be a problem rather than the solution."@en1
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