October 1, 2012
As shadow rapporteur for the S & D Group in charge of the Banking Union, I am working to improve the project on the ECB supervision on the banking system.
It is important to have a single supervisory system for the banking system in Europe as it will help reducing the fragmentation of the banking system and will cut the link between the sovereign debt and banking debt.
However, there are some points that need to be raised.
First, the European Parliament has been partially marginalised by the Commission and the Council in the law-making process for the banking union. It is crucial that EU Parliament plays the game on this issue.
Second, it will be very complicated to deal with different institutional traditions on this issue: banking supervision is linked to the government in some countries like Germany for example.
Third, accountability should be improved. The European Parliament should be involved in the appointment of the members of the Supervisory Board which will be in charge of the banking supervision and more transparency should be implemented within the ECB.
Now it is time to work on these issues. I will do my best to have a democratic and accountable single supervision.