Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-068-000"
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"en.20121120.3.2-068-000"2
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Mr President, I would first like to thank you all for the quality of the debate and the frankness of your proposals.
I would like to answer Mr Hoang Ngoc, who just criticised the Commission by saying that its decisions in some way prompted the crisis. I am not going to get into an argument with you, but in your next sentence, Mr Hoang Ngoc, you rather suggested the opposite, by saying that a banking union needs to be established, there needs to be more surveillance. That is exactly what the Commission is doing in all of its proposals. I think you must be fair with us, even if you are right to be demanding.
I will briefly answer several of you. To Ms Swinburne: yes, we must construct a clear and solid legal framework for a banking union. You talk about the major banks, of course, but there are also others. I would like to recall that several of the banks that caused or are currently causing problems – Northern Rock, Bankia, Dexia – do not figure among the major or very major banks. Banks that represent a risk therefore need effective supervision generally, and in the euro area in particular.
To Mr Klinz: with regard to a banking union, I do not think that Parliament is on the sidelines, even if this idea came from the Commission and the European Council. You received an overall package, with a directive and a regulation, and you will give your opinion on that package. I am listening closely to what Parliament is saying, particularly on democratic control, and to what several of your colleagues have said – I will come back to that – on the integrity, unity and cohesion of the single market. To my mind, Parliament is not, therefore, on the sidelines. On the contrary, it has a very important opinion to give.
Ms Ford, Mr Hökmark and Ms Herczog referred to the unity of the euro area. I would like to recall, honourable Members, that, in talking about regulation, we are talking about regulation for the 27 countries of the European Union, the single rule book, only one single rule book. That is something different, since within the euro area the Member States are more interdependent – it is clear to see – and more interdependence between the banks. There is therefore a legitimate need to strengthen surveillance and to be more efficient, more integrated and more coherent with regard to surveillance. That is what justifies this banking union.
It is therefore a matter of regulation for 27 countries and of better-integrated supervision in the euro area first of all, though open to countries that are not, or not yet, members of the euro area and would like to participate. That is precisely what we are working on at present, to create the conditions for such equitable, indeed equal, involvement of countries that are not in the euro area and would like to participate in this supervision.
I would also like to signal my agreement with Ms Goulard, who pointed out that one of the keys to credibility is to do what one says, and I consider our main task now, in relation to our citizens, is to show that we are implementing what has been decided.
Mr Kariņš also just referred to the right way to build a house. Once again, the credibility of everything we do comes from pooling our answers, as happened on 29 June. Moreover, the great feature of the Thyssen report is that it mentions all of these dimensions. That is what I am doing with the single market dossier, and that is what Commissioner Rehn is doing with the economic governance dossier.
Ms in ‘t Veld just referred to something important, namely the risk of a national or nationalist retreat, which, moreover, is generally accompanied by protectionist measures. We must be very careful, also, not to let our political and economic responses allow these risks of national retreat to gain a foothold. I often say that the single market could be the first victim of national or protectionist retreat, even though it is, paradoxically, our best chance and prime trump card for exiting this crisis.
As regards the responses that must be provided, Ms Ferreira just referred to another important matter on which Mr Tajani is working, namely the industrial policy response. That does not mean protectionist measures but rather clear and equitable management of our trade relations, as well as investment and mobilisation of our resources to re-establish or consolidate a productive base – Ms Ferreira is right – in Europe.
Mr Lamberts referred to the federal leap. This expression does not shock me, personally. I understand the impatience, and sometimes regret, that we are not going fast and far enough, but I want to note, in fairness, that if you look at the content of the six-pack, the two-pack or the banking union, you will see not just proper involvement of Parliament, though that is right, but also steps towards more integration and pooling of policies and European destinies.
At the start, Ms Berès, who is here, together with Mr Klute and a number of other honorary Members, mentioned something very important: striking a balance in everything we do. You referred to this new social pillar, this social dimension, which is, or is said to be, lacking in everything we do. I am concerned, and think the Commission should be concerned, by being challenged in this way.
Mr Terho, quite rightly, just mentioned the initial inadequacies of the euro area, the gaps we are now filling by means of all of these governance measures. That is what Commissioner Rehn is doing.
A word to Hans-Peter Martin: a banking union does interest ordinary people, honourable Members, precisely because of the work we are doing so that taxpayers, who have ultimately been called on too often to pay for the consequences of the mistakes made by some banks or bankers, of bad management, of lack of smart supervision, shortcomings in supervision and management mistakes, not to mention manipulation. That is enough now! Taxpayers must not be called on further and that is just what we are seeking to achieve through supervision, governance and resolution. All of the measures we are taking, and which I am proposing to you, are intended to avert, to prevent, crises and ensure that, when crises occur, it is the shareholders or others involved in those banks who pay, and not taxpayers.
Lastly, I would like to tell Mr Schmidt, Mr Hökmark, Ms Wortmann-Kool and Ms Hübner that I attach great importance to the integrity of the single market. That is why I made a clear distinction between the financial regulation we are undertaking and the method of supervising the banking sector in the euro area, a method open, however, to countries that want it.
Finally, I would like to thank Ms Thyssen for the quality of this report. You have presented an important report, which has garnered very wide support.
To Mr Duff and Ms Podimata, who voted for the democratic challenge, I similarly think we must strengthen democratic control yet further and listen to national parliaments. You have a very important part to play in this regard, to forge links with national parliaments and avoid splits or cracks appearing in all of our work on integration. Mr Hoang Ngoc, you just said that, with this report, you had invited yourselves to the democratic debate. I do not think you invited yourselves. I consider that Parliament is needed in the debate on economic and monetary union. Because you are the only European institution directly elected by the people, I take the view that you are needed and that this report, Ms Thyssen, is of very great importance at this time.
It is my belief, honourable Members, that we have finally provided a global response to all of these crises. Moreover, that is why, after the 29 June summit, the reaction was somewhat favourable, a certain calm on the markets, because, after two or three years of urgent responses, with our backs to the wall, all of the responses came together, including those involving growth. It seems to me that, in order for that to work, for us to win once more what Ms Thyssen called the battle for trust, for hope, we must, at all costs, include in this global response, or rather ensure that this global response does indeed contain, this pillar, or this human, social and citizens’ dimension. In any case, honourable Members, it was in this belief that I returned to the Commission three years ago. It is in this belief that I am working with my colleagues.
Indeed, if we go beyond words and look closely at what I proposed to you in the Single Market Act, with your support and that of your Committee on the Internal Market, you will clearly see this balance, with several major levers devoted to social cohesion, services, public services and social entrepreneurship.
Mr Cercas was just talking about his blind trust in the markets. Personally, I do not have blind trust in the markets. I do not believe in market self-regulation. In the past we have been either too naive or sometimes too trusting in such self-regulation, such deregulation over the last 15 or 20 years. We are learning the lessons from that. The 28 texts I have proposed to you concerning the lessons from the crisis – as asked of us by the G20 – indeed prove that we are restoring order, governance, transparency and, quite simply, morality where these had been lost.
I also want to say, more specifically, that, with regard to this social dimension, we must, in the context of economic and monetary union, strengthen coordination of employment policy and social policy as a key factor in its success. You will see this concern reflected in the Europe 2020 targets, with several priorities on employment, education and social inclusion, and in the European Semester, which gives it priority importance. I also consider that, in the efforts towards budgetary rigour and budgetary stability logically demanded of many Member States, particularly in the euro area, there is a need to be highly selective in order to maintain spending under the solidarity heading and prudential spending, particularly in relation to education and research.
I would like to say to Mr Gualtieri that I agree on the need to improve such ex ante coordination of budgetary policy, which is one of the keys to economic coordination.
Ms Wortmann-Kool, Mr Strejček and, just now, Mr Zalba Bidegain referred to a banking union. I want to confirm that, in building this banking union, we are starting with the foundation stone, namely supervision, and I would remind you that other elements of this banking union have been put before you, relating to deposit guarantees and resolution of banking crises.
We are also – I say this to Ms Wortmann-Kool – paying great attention here to proper calibration of the measures we are taking to consolidate the banks. It is one of the keys to stability. Such proper calibration is also one of the keys to banks again starting to fulfil their role, which is to finance the economy, local areas and, in particular, small and medium-sized enterprises. With this in mind, Mr President, I will, in the coming weeks, start a debate with you by means of a green paper on financing long-term investment in the European Union."@en1
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