At last! But not the right approach
The resolution welcomes the fact that EU countries have now accepted that an integrated bank supervision system is necessary, more than two years after the European Parliament itself called for this. However, it sounds the alarm about governments' apparent intention to avoid developing a system that is transparent and democratically accountable.
Member States, the resolution says, are moreover pre-empting the Commission's role as initiator of legislation by imposing a decision-making process which would exclude the European Parliament from deciding on one of the texts. The committee stands ready to adopt negotiating tactics to counter this, the resolution adds.
Points to consider
The resolution also highlights certain points of substance which should be considered within the debate to enact a banking union. One of the more important ones concerns bank recapitalisations which, the resolution suggests, could be carried out by the European Strability Mechanism (ESM). A second is the need to devise a system which will be able to address any spill over effects on non-eurozone members stemming from the creation of a eurozone banking union.
Next steps this week
The resolution will be put to the plenary on Thursday. On Wednesday at 15:00, the house will also question the Commissioner responsible, Michel Barnier, about his proposal.
Press release
© European Parliament
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