Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-05-21-Speech-2-493-000"
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"en.20130521.40.2-493-000"2
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"Madam President, firstly I would like to thank the rapporteurs, Mrs Thyssen and Mr Giegold, for their excellent work over the past few months. The agreement to establish the Single Supervisory Mechanism and the accompanying adjustments to the European Banking Authority are seminal. They set in place, within the current EU Treaty, a mechanism for a multispeed Europe.
The eurozone can push ahead with the more integrated system that they have agreed is necessary to support the single currency, whilst those members who have signed up to join the euro have been accommodated in a voluntary system that they can choose to join when they deem it suitable for their individual situations and, importantly, the rights of those outside the euro are preserved by a new dual voting system which requires a simple majority of those participants inside the Single Supervisory Mechanism and a separate simple majority of those Member States who choose to remain outside it.
Most fundamentally, these two simple majority votes must come together to form one qualified majority vote overall, so that the European single market is protected. This agreement sets a template for exactly how a renegotiated European Union could work: a European Union that recognises that all Member States are different, both economically and culturally, yet can still work together to achieve an overall outcome that everyone can be comfortable with.
The City of London is the jewel of the single market, with the financial services it provides being of benefit not just to the UK but to the entire EU. Ensuring continued participation within the single market on equitable terms that allow a global financial centre to operate is of the utmost importance to all companies and individuals within the European Union. It is in no one’s interest for their activity to move outside Europe.
At the beginning of this mandate, a new financial system for financial regulation across Europe was set up, in the form of the European supervisory bodies. These institutions were tasked with providing technical input and drafting the details of legislation as part of the codecision process, creating a single rule book, so that banks and financial service companies across Europe face a level playing field in financial regulation and a company in Ljubljana or in Cardiff has as much access to finance as a company in Frankfurt, London or Paris.
Preserving that single rule book approach in an environment which has caused many financial supervisors to look inwards is going to be a difficult task in the coming years. The ECB is entering new territory, with new supervisory powers directly over banks, a situation not dissimilar to the Bank of England with its new prudential supervisory powers. However, the outstanding issue, I believe, that we have still not adequately solved in these reports is finding a way for the European Central Bank to maintain its independence in monetary policy yet still be accountable for its supervisory decisions to national and supranational parliaments.
No financial supervisor can ever operate outside of the public interest, which is best represented by democratically elected parliaments. When there are mis-selling scandals which affect thousands of constituents, the relevant financial supervisor needs to be held to account publicly. When a criminal investigation of systemic proportions is undertaken affecting many banks, the authorities need to explain publicly and demonstrate that suitable remedies and possible sanctions will be applied. Independence from political int ..."@en1
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"(The President cuts off the Speaker)"1
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