ECON Committee: first exchange of views on cross-border crisis management in banking sector
24 February 2010
Rapporteur for this dossier, Ferreira (PT/S&D), presented her proposals and said there is “no silver bullet” to resolve this polemic issue. She emphasized that the ”Resolution Agency” will be a key element for dealing with the insolvency of cross-border institutions.
During the first exchange of views there was a general consensus that there is a need to achieve a common framework for crisis resolution. Elisa Ferreira, rapporteur for this dossier, said that a robust, comprehensive approach is needed to create an effective preventive framework and safety net. The approach should focus on:
· Strengthening international regulations
· Designing an effective EU supervisory architecture
· International discussion on overall banking system architecture
These developments will make the system more resilient and reduce the probability of crisis.
To conclude, she said “that without a credible crisis management framework single market”, financial services will be at serious risk. Europe is at the turning point when a decision whether "more Europe" or " less Europe" ha to be made. Such decisions have tremendous implications in terms of economic growth, lost opportunities, jobs and wealth. A set of important issues and open questions require further examination and debate.”
The ECON Chairwomen presented the following timetable:
· 12 April – consideration of draft report
· 21 April – deadline amendment
· 1 June – first discussion on AM
· 22June – Committee vote
· 1st plenary in September – final vote
© European Parliament
