Brussels, 17/01/2014 (Agence Europe) - Germany's Martin Schulz, the president of the European Parliament, promises that Parliamen will do all in its power as co-legislator to ensure that the bank resolution mechanism being developed at EU level is the only such mechanism.
The plans adopted by the Council of ministers are dangerous, he said, because they grant the power to decide how a failing bank will be wound up to the member states, potentially paving the way for political interference, he said in an article in French newspaper Le Monde on 16 January. He added that Europe has to be able to solve its bank problems over the course of a weekend in order to protect savers and prevent mayhem on the markets when they open on the Monday morning. The problems, then, need to be solved quickly, objectively and easily, using a credible, mobilisable fund. If unanimous decisions by 28 different countries, a raft of committees with different interests have to be awaited, then, rather than a single resolution system, it turns into multiple resolution systems and takes the stuffing out of banking union, he argued. (MB/transl.fl)