Joint debate - Banking union - single supervisory mechanism:
- extracts from the statements by the rapporteurs
EPRef93895 // European Parliament , Strasbourg, EP Plenary session - Hemicycle //
Lieu: European Parliament , Strasbourg
End production: 21/05/2013 First transmission: 21/05/2013
The European Union single banking supervision mechanism, as agreed by lead MEP negotiators and the Council Presidency in late March, was debated today in plenary session. The final vote on the rules will come later, to allow more time for parallel talks between the EP and the European Central Bank on detailed accountability provisions for the system's supervisor. MEPs took advantage of the debate to stress that accountability rules must match the supervisory powers created or transferred to EU level. The ECB, in its supervisory role, will therefore have to be much more open and accountable than for its monetary policy one. Also highlighted was the need to develop a supervisory system with the widest possible membership, so as to avoid fracturing the single market in financial services.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior view of the EP , Strasbourg
||SOUNDBITE (English) Marianne THYSSEN, rapporteur, (EPP, BE),"We have worked very hard on the accountability of the Central Bank because any displacement of powers and competencies from national to European levels must go hand in hand with adequate accountability at the EU level involving the EP."
||SOUNDBITE (English) Sven GIEGOLD, (Greens/EFA, DE)," The proposals before us are divided into two parts, there is a reform of the European banking authority, the supervisory authority and in my own report which I am a bit unhappy with , we had to swallow the most bitter pill which is that there have to be doubled majorities in the future which is actually a step backwards in terms of European integration."
||SOUNDBITE (English) Sven GIEGOLD, (Greens/EFA, DE)," This brings two major challenges, first of all, monetary policy and supervision have to be separated and we have done that as best as we can, the second point is that the Central Bank is not really the birth place of democracy in Europe and that means that they will have to get used to the fact in the future, that supervision be under democratic accountability as monetary policies is also part of the Central Bank
||SOUNDBITE (English) Lucinda CREIGHTON, EU Council presidency," The powers of the ECB must of course be balanced by adequate accountability and governance arrangements on which this parliament has made a particularly important contribution. There will also be important safeguards regarding the separation between the supervisory function from the monetary function within the ECB."
||SOUNDBITE (English) Lucinda CREIGHTON, EU Council presidency," We've agreed on the establishment of robust safeguards including the establishment of a mediation panel to resolve differences of uses between member states authorities when the Governing Council objects' to a draft decision."
||SOUNDBITE (English) Michel BARNIER, European Commission, "With the creation of the SSM we are now providing for common supervision which is impartial at European level of our banks and also supervision of translational banks which will run into trouble will not just be handled at the level of one member state and a national supervisor, there will always be a global approach and coordination."
||SOUNDBITE (English) Michel BARNIER, European Commission, "There is one issue of concern which is the specific rules for governance in the ECB and the fact that they have to make sure there is a strict separation between supervisory tasks and monetary tasks and I know that some of you would have liked to go on further on this ground but if you look carefully at the regulation that we've got on our tables today then I think you'll agree that supervision on the one hand and monetary on the other will actually be truly separated in practise."
||SOUNDBITE (English) Michel BARNIER, European Commission, "Control standards that this Parliament acquired mean that we have the highest standards in the EU and quite rightly because the ECB is going to have supervisory powers that are very far reaching."
||SOUNDBITE (Portuguese) Paulo RANGEL (EPP,PT), AFCO," Third fundamental point for us. In the context of a European Banking authority , make sure that there is equity between the countries in the Euro zone , the countries that are in the supervisory mechanism and the countries that are outside, both the euro zone and the SSM. We want to make sure that the supervisory rules are defined by the banking authority and are the same both for national supervisors and for European supervisors."
||SOUNDBITE (Portuguese) Paulo RANGEL (EPP,PT), AFCO, "It's urgent to advance with banking union and I say it to Commissioner Barnier, the sooner we have the banking union , the stronger the euro zone will be , the stronger the internal market will be because it will be protected against fragmentation which is why , we as members of the AFCO demand that banking union happened as soon as possible
||SOUNDBITE (French) Philippe LAMBERTS (Greens/EFA, BE)," The architectural choice on putting the supervision in the ECB, we think is a bit unfortunate, perhaps not the optimum way to get an inclusive system for the internal market, certainly not the best way of applying the separation between the supervisory and monetary authorities, nor is it the best way to insure democratic accountability and supervision scrutiny which has to be exercised by the politicians."
||Cutaways (2 shots)