Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-435-500"
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"en.20121120.28.2-435-500"2
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"I am in favour of real and structural changes in the legal framework regulating the European financial sector, and I therefore in principle support banking union and the further deepening of economic and monetary union. However, I must object to some of the proposals in the approved report that I do not consider beneficial. For example, the establishment of a joint fund for the redemption of excessive sovereign debt or common European debt is not realistic at the current level of European integration. By contrast, improvement in the deposit guarantee scheme is an absolutely necessary step and will bring the desired stability. Nevertheless, any modernisation of the deposit guarantee rules should be based on the existing national schemes. Mandatory lending between national deposit guarantee schemes, as proposed by the European Commission, would, however, expose the European economy to an increased risk of destabilisation. The need to improve the current democratic deficit in the European decision-making process is significant; in other words, the European Parliament should be fully involved in the review of all the planned steps. No less important is the enforcement of the principle of maximum inclusiveness, i.e. countries which are not members of the euro area should be able to become involved at any time with each individual project for deeper economic and monetary integration."@en1
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