"Progress made in recent days on the Single Resolution Mechanism and a whole host of financial files is unprecedented. We are introducing revolutionary changes to Europe's financial sector...
I have now delivered 28 proposals to better regulate, supervise, and govern the financial sector and a more integrated, less fragmented single market. So that taxpayers no longer foot the bill when banks make mistakes. Ending the era of massive bail-outs. And in the eurozone, for those countries which are more interdependent, creating the Banking Union to break the vicious circle between banks and their sovereigns. How? By centralising the delivery of EU-wide rules for the eurozone.
But these rules are not only about dealing with today's crisis and avoiding a future crisis. They are also essential to create long-lasting financial stability: the pre-condition so banks can lend to the real economy. To consolidate the economic recovery. For sustainable jobs and growth.
Most of these rules are either now already in force or in the final stages of negotiation between the Council and the European Parliament. Tremendous progress has been made in the last few days."
(...)
But we are not at the end of the road. In particular on the SRM. Far from it. Negotiations will now start with the European Parliament in the New Year. The ECON Committee adopted its position yesterday thanks to the hard work of rapporteur Elisa Ferreira.
Both sides are committed to Banking Union. So compromise is possible. But it is also true both sides are far apart on some key points. Flexibility will be needed on both sides to reach an agreement before the Easter break. We can't afford to fail. Citizens would not forgive us if another crisis hit and we remained unprepared.
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