Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-051-000"
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"en.20121120.3.2-051-000"2
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"Mr President, first of all I welcome the report; secondly I would like to thank the rapporteur, Ms Thyssen, for her fantastic work. She did not have an easy job, either in terms of the timeframe for the report or of its individual content. The report we have in front of us, ladies and gentlemen, is a kind of response to the Van Rompuy report, and forms an integral part of the package of measures to strengthen economic and monetary union. I am convinced that alongside coordinated economic policies and fiscal austerity measures from Member States, it is vital for the Union to have a supervisory framework which is accurate, and which is capable of covering, forecasting and under certain circumstances managing systemic risks. Thus the aim of this new regulation is not just to establish a more predictable regulatory environment; we will also hopefully manage to redress the imbalanced financial situation between banks and sovereign debts, whilst restoring confidence in the financial market. If all the elements of the banking union are realised, financing costs for euro area banks will fall, which in turn could have an indirect and positive impact on their lending operations, thus injecting new momentum to the European economy. It is therefore in our common interest to have a European banking supervision framework, but we also need to focus on the role this budding system will attribute to Member States who intend to participate but have yet to introduce the single currency. This is why, in my proposals, I strove to allocate a key role to striking a balance between the rights and obligations of these Member States, and to creating a financial guarantee that reduces or eliminates the distorting effect of the banking union. After the initial debates and differences of opinion, the draft report enjoyed broad support in our committee, which I am delighted about; it is also pleasing that this debate has not been closed and is continuing as we are able to express more detailed, more practical and more refined opinions in a further two legislative packages."@en1
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