MEPs Corien Wortmann-Kool and Jean-Paul Gauzès called for more clarity on the 2011 stress tests on the EU banking sector, and want guarantees from the European Commission to prevent a repetition of 2010, when the stress tests failed to restore confidence in the EU banking sector.
EPP Group Vice-Chairwoman Corien Wortmann-Kool, spokesperson on economic affairs, said: "This year, we must be sure that the new round of tests in mid-June will increase confidence in the financial markets. The criteria should be stronger and more harmonised and the coverage of the stress tests should be the same in the different Member States. A strong role for the newly created European Banking Authority is therefore crucial. We want a comprehensive and realistic assessment, identifying all the weak spots in the EU banking sector. For this reason the stress tests should also include exposure to sovereign debt."
Jean-Paul Gauzès, the EPP Group's Coordinator on Economic and Monetary Affairs, said: "Consolidating the European banking sector is a prerequisite to bringing back growth and job creation. What is more, implementing credible stress tests is the best way to limit the negative effects on the entire economy of the decisions taken by credit rating agencies."
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