Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-12-16-Speech-3-159-375"
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"en.20151216.25.3-159-375"2
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"I voted against the extension of the term of office of the Chairperson of the European Banking Authority as I have grave concerns with the EBA. A number of these regulatory bodies were set up after the financial crash, the stated aim being to regulate the financial markets so that another financial crash would not happen. Of course, robust regulation is required but there are critical concerns with these bodies. There is a huge democratic deficit running through these bodies and, moreover, a number of legal concerns have been voiced. The bodies have very fragile legal foundations and a number of legal experts have stated that the setting-up of such bodies was done outside of the confines of EU Treaty Law. To explain simply, when an EU body is being set up, you have to first go back to the primary treaties which founded the EU and look at the Treaty Provisions. If there is no provision in the Treaty to set up such an initiative, then it can be declared as ultra vires, i.e. be outside of EU law and have no legal foundation. Therefore, it was for these reasons that I voted against the extension of the EBA."@en1
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