Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-11-25-Speech-2-632-000"
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"en.20141125.34.2-632-000"2
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"Mr President, while the recent stress tests of European banks have shone the spotlight on some of the weakest sections of the banking sector, this should not divert attention from the need for decisive structural reform of the banking industry. The two most important causes of the financial crisis have still to be addressed. First we need a clear-cut separation of retail from casino banking activities, and secondly we need to reduce the size of individual banks so that no single financial institution can threaten the whole financial system.
This problem of ‘too big and too interconnected to fail’ is more important and more urgent than the capital position of any individual bank. Recent news about the Royal Bank of Scotland misleading regulators and deliberately undermining their own customers suggests that banks are still no way near the responsible corporations serving the real economy that we need them to be. If it is not too cheeky on the day the Pope has visited Parliament, I recommend you to check the Green Group’s Seven Deadly Sins website to assess the performance of your national banks.
Finally we need to confront head-on the vast and growing levels of debt which are the fundamental cause of instability in the monetary system globally. We should establish a citizens’ audit of how that debt was acquired and to what extent it can be considered legitimate, and we should reconsider the nature of the money creation system, which relies on allowing private banks to create money with a simultaneous creation of debt."@en1
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