Letter from ECON Chair and members of SRM negotiating team to Council Presidency regarding IGA

15 January 2014

The SRM team took issue with the substance of the planned intergovernmental agreement, saying that it was illegal because it bypassed the established legislative processes of the union, and that it would jeopardise the establishment and smooth functioning of the SRM.

"We are taking this opportunity to refer to the intergovernmental conference on the intergovernmental agreement (IGA) on the functioning of the single resolution mechanism (SRM), the first meeting of which took place on 9 January 2014.

We recall, on behalf of the Committee on Economic and Monetary Affairs of the European Parliament, our firm disagreement with this approach which excludes unilaterally from the ordinary legislative procedure some fundamental parts of the EU legislative proposal on the SRM. Our position is based mainly, but not exclusively, on the following legal grounds:

Moreover, we disagree with the substance of the planned IGA and we will further present within the appropriate institutional framework - the trilogues - our policy concerns regarding the elements proposed in the IGA. Our main policy concerns relate to the fact that the IGA jeopardises the establishment and the smooth functioning of the SRM, inter alia because of:

In conclusion, the European Parliament is not obliged under the ordinary legislative procedure to accept any exclusion of any element of the legislation to be negotiated and will exercise fully its prerogatives of co-legislator. The European Parliament's participation in the intergovenmental conference shall not be construed as waiving these prerogatives."

Signed:

Full letter

Conference of Presidents discussion on-SRM, 16.1.14

Invitation to the Intergovernmental Conference on-SRF, 20.12.13

Further information, 9.1.14


© European Parliament