Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-03-10-Speech-4-427-625"
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"en.20160310.30.4-427-625"2
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"The intention behind this new Union and the report was supposedly to break the link between banks and sovereigns so as to avoid future taxpayer-financed bailouts (like those that were given to the banks between 2009-11).
Today, eight years into the crisis, there is still no meaningful regulation at either EU level or in Ireland which effectively breaks up the ‘too-big-to-fail’ banks and downsizes them. The European banking sector and the Irish banking sector are as concentrated and interconnected as ever.
None of these problems were addressed in Gualtieri’s annual report. Nor does the report address Mario Draghi’s obvious conflict of interest. As the Banking Union has been placed under the ECB, Draghi has become the EU’s chief bank supervisor. At the same time he is member of the private G30 club of top executives from the world’s biggest banks.
The annual report, which is the first of its kind, has two purposes: 1) to congratulate and rubberstamp the birth of a new bogus European institution; 2) to prepare Parliament’s position in the upcoming negotiations on the third and final pillar of the Union, a European Deposit Insurance Scheme.
It was for these reasons that I voted against this report."@en1
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