Wednesday, April 16, 2014
Addressing the EP plenary, representing the Council of the EU, Deputy Prime Minister and Foreign Minister Evangelos Venizelos said that the Banking Union is a major step towards the completion of a “true Economic and Monetary Union based on greater integration and solidarity in the euro area.
And the Single Rule Book, the foundation on which the Banking Union has been built, will deliver greater stability to the whole of the EU and its internal market.” He further said that the SSM Regulation has established a strong banking supervisor for the euro area and other Member States wishing to participate. The ECB will directly supervise systemically important banks and will cooperate closely with the relevant national authorities responsible for the rest. This will contribute to creating a level playing field and more stringent supervision of the sector. And, referring to the Single Resolution Mechanism (SRM) Venizelos said emphasized the importance of the political agreement reached regarding this regulation.
And the Single Rule Book, the foundation on which the Banking Union has been built, will deliver greater stability to the whole of the EU and its internal market.” He further said that the SSM Regulation has established a strong banking supervisor for the euro area and other Member States wishing to participate. The ECB will directly supervise systemically important banks and will cooperate closely with the relevant national authorities responsible for the rest. This will contribute to creating a level playing field and more stringent supervision of the sector. And, referring to the Single Resolution Mechanism (SRM) Venizelos said emphasized the importance of the political agreement reached regarding this regulation.
On his part, Ecofin President and Finance Minister Yiannis Stournaras said yesterday after the EP vote: “I wholeheartedly welcome today's adoption by the European Parliament and with a very large majority, of three key texts which make up the EU's Banking Union… With these legislative acts, the EU has come a long way in ensuring that taxpayers are safeguarded from failing banks, and, at the same time, that their hard- earned savings held in Banks up to €100,000 will be fully protected,” Stournaras said.
