Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-07-03-Speech-3-450-984"
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"en.20130703.41.3-450-984"2
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"I welcome the adoption of the McCarthy report laying down the principles for structural reform of the European banking sector, in advance of the Commission’s proposals due in the autumn. The fundamental aim of European-led banking reform must a safe, stable, effective and efficient banking system that meets and serves the needs of the real economy, in particular SMEs and start-ups. We must break the link between bank debt and sovereign debt and remove the risk to public finances caused by banks being too big to fail. There must be a fundamental overhaul in banking culture which for too long has been dominated by excessive and indeed irresponsible risk-taking. We need to separate banking activities that are essential for the real economy from more risky trading and investment activities, which have cost taxpayers approximately EUR 1.6 trillion, or nearly 13 % of EU GDP, between 2008 and 2011. The Commission should now come forward with a draft directive for comprehensive structural reform of the European banking sector, based on the principles set out in this resolution."@en1
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