While the Commission would have preferred a system based fully on the community approach, we welcome the important progress made by the Council. It is a sound basis for the negotiations with the European Parliament. I firmly believe that we can, and must, reach a final agreement before the European elections.
This is the beginning of the end of bank bailouts. Banks not taxpayers will carry the cost for their own mistakes. We need to be able to show voters that we finish what we start. The Single Resolution Mechanism is the last piece in the comprehensive reforms that we have been developing to create a thriving, yet more responsible, European banking sector.
Over the past five years, we have radically changed the rules for banks in the European Union. We have now a single rulebook. Today Europe's banks are better capitalised, better able to manage risks and better supervised. We have now – and it starts operating very soon – a Single Supervisory Mechanism. We now have common rules for resolution of failed banks and we have also common rules for protecting taxpayers' deposits in the event of future bank failures. Directives proposed by the European Commission, as you know, that have been just approved this week. And now of course we are going to put the last piece of this building, the banking union.
But the Banking Union as it was stated in the Blueprint of the European Commission and also in the so called Four Presidents' report: it's a piece of a deep and genuine EMU. That's why we have not only to consolidate the Banking Union, we need to go forward on the economic union. And that is why it was important today to have the agreement by the European Council on the principles underlying contractual arrangements and solidarity mechanisms for competitiveness and jobs, namely for the euro area. This agreement reflects a balance of opinions that offers President Van Rompuy and me a good basis for taking the work forward next year. I believe this maintains the momentum towards a deep and genuine Economic and Monetary Union, as we have been proposing. All of this shows that the EU is making a difference and tackling sensitive issues head-on.
Full speech
Statement following the Council, 20.12.13
Council conclusions
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article