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Home arrow newsitems arrow EUParliament Rapporteur Thyssen to Eurofora:2002 Delay on Banks Supervision overcome on Autumn 2013?

EUParliament Rapporteur Thyssen to Eurofora:2002 Delay on Banks Supervision overcome on Autumn 2013?

Written by ACM
Wednesday, 22 May 2013
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*Strasbourg/EU Parliament/21-22 May 2013/Angelo Marcopolo/- EU Parliament's Rapporteur on Banking Supervision, the centerpiece of the Banking Union project, that many hope to use for stimulating Growth, experienced long-time MEP Marianne Thyssen, Leader of the Belgian Delegation to the biggest EU Parliament's Group, that of ChristianDemocats/EPP, and Member of its Bureau, speaking to "EuroFora",  while the Plenary was set to debate and vote on adopting her Report, foresaw the conclusion of necessary Negotiations with ECBank and Governments during the forthcoming Months, but also acknowledged the fact that EU could have already completed its Economic/Financial Governance reforms much earlier, even before the 2008/2999 Globl Crisis, indirectly but surely pointing at certain 1999-2002 Errors ;such s Turkey's controversial EU bid, which noitoriously provoked the 2005 "No" to EuroReferenda on the EU Constitution project, back on 2005, which weren't overcome but only with the 2007-2010 ad.option of the New  EU Lisboj Treaty between 2007-2010, i.e. after the 2008/2009 Global Crisiisj.                               
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In particular, EU Parliament's Rapporteur highlighted to "EuroFora"  the main Next Steps, until probably this Summer and/or Autumn 2013, particularly vis a vis ECB's new role, in Negotiation with MEPs and EU Council, in order to complete the 2 or 3 last Cornerstones in the edification of EU's Banking Union, that many believe to be a "must" for stimulating much needed Sustainable Growth :
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- "We (EU Parliament) are going to vote" on her Report for EU Central Supervision on Banks , so we have a Debate this afternoon (Tuesday, May 21), but we shall vote only the bulk of Amendments tomorrow (on Wednesday, May 22), i.e. we confirm what was decided in Trialogue, the agreements that we (EU Parliament) made with the EU Council".


>>> - "However we will have to Postpone the Final Vote, until transmissions to the other (EU) Institutions), because we want to have Time to create the necessary conditions for EU Council's Agreement; and room for manouver for final negotiations also with the ECB, EU Parliament's Rapporteur stressed to "EuroFora".


 - First, "given that we still don't have the final agreement fom the (EU) Council, which cannot yet decide unanimously because in one (EU) Member State, Germany,  the Minister of Finance has to Wait the Vote from its National Parliament (i.e. Berlin's Bundestag), as a consequence of the BundesVerfassungsGericht's (German Constitutional Court's) judgement" at nearby Karlsruhe, of 9/2012, which has notoriously asked for a previous consultation of the National Parliament on such measures due to affect the National Budget, she reminded.

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+ But, the most important, seems to be that it's also "because we (EU Parliament) want to have room for manoeuver to negotiate a Strong Inter-Institutional Agreement with the European Central Bank (ECB), that is responsible vis a vis the EU Parliament", Thyssen pointed out.


- "We have already concluded on Legislation", but, in particular, "we want to be Sure that in Practice, it EU Parliament) will be Able to exercice all its Rights" :


 - In fact,  "we (EU Parliament) want to have a Strong position towards the ECB, which is used to work Alone in Monetary policy, where they are not Accountable" to anyone, "because they were due to be Independent", in that specific activity.  And we (EU Parliament) want to be sure that they have made their mind that now they (ECB) ar really Accountable to EU Parliament, (at least on Supervision of Banks : ECB's New Mission, added to its initial Task); and that they wiill respect the Rights that we (MEPs)  have" vis a vis the Banking supervision mechanism, she stressed.


- "We Postpone the Final Vote mainly in order to exert Pressure on ECB", stressed also the main Speaker of EU Parliament's biggest Group, that of ChristianDemocrats/EPP, French MEP Gauzes, speaking later-on to "EuroFora".
 => For that purpose, a sequence of negotiations between Franckfurt (ECB Headquarters) and Strasbourg/Brussels starts asap : On this Crucial point, "we've just Started (EU Parliament - CEB) Negotiations last week", and, "It might go on until this Summer, I don't know", Thyssen estimated.


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+ "Next Step (in order to complete the Banking Union Structure)is the Resolution systems for Member States", she added in reply to another "EuroFora"s question.
  - In fact, "we (EU Parliament) want to be sure that if something happens,  and a Bank is in a Bad situation, then therer is a mechanism, with a good structure and the Right Tools, to let this Bank stop their credit activities, and take economy measures. So we want a good Alternative to the old Insolvency Systems, which are not fit to the quality of the Banking system", Thyssen explained.


=> Thus, Yesterday (Monday, May 20) Evening was voted in the Economic affairs Committee (Swedish MEP) Mr Hokmark's Report, concerning Recovery and Resolution of Banks.


>>> - "So, after yesterday Evening's decision at the competent Committee, .. ...He starts Negotiating with the (EU) Council, and they can proceed as fast as possible, it means that they could finish the dossier, I hope, on July or September, I don't know. It's Difficult for me to Foresee. But we'll sSart as Quickly as possible", she promissed.
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Concerning the overall EU Timing issue, EU Parliament's Rapporteur practically agreeed with "EuroFora" that, if EU had avoided some 2000-2004 errors which had led to 3 "No" (in France and the Netherlands, followed by Ireland) to EuroReferenda on the EU Constitution  project, back on 2005, provoking a Delay on Institutional Reforms until the adoption and the entry into force of the New Lisbon Treaty later-on, between 2007-2010, EU might have already completed its Banking Reform well before the subsequent, 2009 Global Crisis, sparing many Hardships, efforts and Time currently needed in order to finalise EU's "Banking Union", of crucial importance today for Europe's Economic Governance, indispensable for sustainable Growth.


In fact, EU's Economic/Financial Reforms "could have started Earlier", i.e. before the Global Crisis, (as it had been already foreseen f.ex. in a landmark 9/1995 EU Parliament's debate for the introduction of the €uro, which had mainly pointed at the fact that the transfert of Monetary powers from the States to the ECB would create a need, due to be more and more felt by EU Citizens,  to establish also an EU Economic/Financial Governance),  but "lost 5 Years", due to the "No" to EuroReferenda oganized for the EU Constitution project, notoriously rejected by large Majorities of People in France, Netherlands and Ireland, (mainly provoked by Turkey's controversial and impopular EU bid since the 12/1999 Helsinki EU Summit, that Thyssen knows well, as Member of EU - Turkey joint InterParliamentary Committee too)....

- "Yes, We (EU) lost 5 Years" then, (i.e. by certain errors committed back on 2000-2004).  "I tell you that, already", as early as "since 2002 the EU Parliament had asked for a strong Central Supervision of Banks., However, what we are doing now is truying to solve the problems which followed the subsequent Global Big Crisis,   (which appeared several years later, after 2008/2009+). But, we have had already warnings before, and EU Parliament had already asked to act on the Banking situation since 2002.After all that, now it's time to have everybody at the same" table and take adequate decisions, she urged.
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EU Parliament's Plenary gave, indeed, a strong Support to Thyssen's Report, (together with a complementary Reprt by MEP Sven Giegold on the European Banking Authority), by  adopting on Wednesday Noon, with a large Majority, all the proposed Amendments to EU Commission's draft, but willingly accepting her suggestion (together with that of he coillegue's Giegold) to exceptionally postpone the Final Vote on the Legislative proposal for later-on, (Comp. Supra).

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(NDLR : "DraftNews", as already sent, earlier, to "EuroFora"s Subsribers/Donors. A more accurate, full Final Version might be published asap).


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3 EU Parliament votes to boost EuroGroup !

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After EuroZone Paris Summit's succes, Sarkozy calls to "think anew how to re-construct Europe !

"EuroZone and EU Institutional debates pave the way to 2009 discussions on EU Future, including Enlargment, Turkey etc. ?


23 October 2008

After EU Parliament strongly suppported in 3 successive Votes this week in Strasbourg French EU Chairmanship's move to boost Euro-Group at EU's core, while ideas on EU Institutional problems are awaited on December, "it's an open Question now" if this may lead to a debate on EU's Future, or not, told us French President, Nicolas Sarkozy''s Spokesman, Pierre-Jerome Henin.

MEPs voted on Thursday fresh Funds to support EuroGroup, after adopting on Wednesday a Resolution asking a "further Evolution" to "the 1st ever meeting of Heads of State and of Government of the Euro-Zone, taking decisions in that capacity", while earlier this week a Report asked "a stronger Institutional setting" for "EuroGroup", extended from "competitiveness/industry" to "environment, employment and education", with "increased powers for Political decision-making", according to a text drafted by French MEP Francoise Beres and German MEP Werner Langen, "10 Years after the creation of Euro" (1999 - 2009).

- Brussels' subsequent "EU Council ..(simply)..ratified the measures decided by EuroGroup on October 12" in Paris, which "were necessary to contain the current Financial Crisis", Resolution observes, expressing also support to the new process succesfully initiated by Sarkozy and due to be completed by agreements with USA and other countries at a Global level.

From now on, it's between two differend but parallel moves : EU's delay, and EuroZone's acceleration, that Enlargement and particularly Turkey's controversial EU bid, will have to search its way :

Indeed, EU's 27 expect a "Roadmap on how to deal with the Irish problem" on Lisbon Treaty ratification after December, risking to pass even 2009 Elections and next Commission with the old Nice Treaty of 2000, out-dated and unfit even for 2004's Enlargement...

On the contrary, EU's core launches a real "Economic Governance for EuroZone at the highest level of Heads of State/Government" of the 15, which started in Paris on October 12 and was strongly supported this week in Strasbourg by Sarkozy and EU Parliament.
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- "It's a good idea, to launch such a debate ("on EU's Future") in EU Parliament in view of 2009 Euro-Election : Perhaps some MEPs will seize an opportunity", told us mainstream French MEP Alain Lamassoure, former EU Minister and EU Spokesman for France's governing party UMP.

- "All MEPs' debates on such EU Councils are also part of the larger debate on Europe's future : Now with EuroZone, and even more when, on December, Irish Prime Minister is due to table proposals in Strasbourg on how to deal with EU Treaty's ratification", replied earlier to our question EU Parliament's Press Director and Spokesman, Jaume Duch.
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Sarkozy has formally anounced his intention to open EU Debates on Economy, Identity/Enlargement (i.e. mainly Turkey), etc. both linked to a popular Political view of Europe, since his Historic speeches on EU in Strasbourg, on February and July 2007, when he stressed that "Europe needs a New Renaissance". At the beginning of the French EU Presidency, on July 2008, replying to a MEP, he suggested that EU Parliament takes an active part in Debates on EU's Future.

- Now, in 2008, "Crisis are an opportunity to re-think how to re-construct Europe", Sarkozy stressed. At any case, the Historic 1st EuroZone Summit of Heads of State/Government, which started replying to the Financial crisis,"is a Turning Point : After that, Europe cannot be governed as before, but differently" : People "like a Europe with Strong Will".

- "We must make the System move !", "Europe needs Innovation" and free political debates. EU "Elections are in a few Months", Sarkozy warned.

He invited EU Parliament to fully play its role as "the Democratic Heart of the Europe we want : United, Independent and Voluntarist, because the World needs Europe's voice".

- "It's no more possible for Euro-Zone to continue without an Economic Government" at the Highest Level of Heads of State/Government, who provide "Democratic Legitimity" and can take important decisions, he announced, strongly supported by EU Parliament's Economic Committee which just voted to boost the "Institutional" aspects of "EuroGroup".

Plasticity offered by the current absence of a special Treaty on EuroZone's Institutions "made it easy to adapt the organization of the 1st Summit with imagination, to efficiently meet urgent needs", he observed, on the occasion of Brittish Prime Minister's exceptionnal presence at the greatest part of EuroGroup's Paris Summit.

- "In EuroZone we have the same Bank, the same Money, and, thus, a same duty for Unity" : "By bringing together EuroGroup's 15 members States we suceeded to find a solution and prepare a Giant Plan of 1.800 Billion euros", Sarkozy reminded of Paris' 1st Historic EuroZone's Summit.

Afterwards, Brussels' EU Council followed the move, and USA's Paulson II Plan was inspired from that. "Europe must promote the idea of Global Economy's Refoundation", he stressed.

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- "I was frankly astonished when I found, at the EU, a rigid system, where any New Idea was seen from the outset as a sacrilege, while, on the contrary, Europe needs Innovation !", he described.

F.ex. ,"'When we first spoke about the "Union for the Mediterranean", it was misunderstood as something extraordinary.. When later we had the Russia -Georgia crisis, it seemed against EU's custom to act "in the middle of August", instead of staying a passive spectator ! And when, in front of the Financial ciris, we gathered the 1st EuroZone Summit of the "15", some thought of it as a lese-majesté", he denounced.
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On Geo-Political Principles :
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- But, by moving resolutely, "EU obtained the ...withdrawal of Occupation Troops in 2 Months !", reminded Sarkozy, observing that Russia "fulfilled its commitments", in the Georgian crisis, where a "disroportionate reaction" from Moscow followed a "totally inappropriate action" from Tbilisi's troops. "It would be crazy to reply by military means : EU should not become accomplice of another Cold War, imposed by lack of cool heads".. as he said.

In future, "the creation of a common European Economic Area with EU and Russia, would also obtain a raprochment on our Human Rights and Democratic Values", added Sarkozy, in a statement which should logically be applied, a fortiori, to controversial EU "candidate" Turkey..

Particularly when, the same week that EU Parliament voted 2009 EU Funds for Turkey's controversial EU bid, ECHR took a series of judgements condemning Turkey for grave Violations of Human Rights, such as : Torture, death of a political prisoner in unclear circumstances followed by failure to conduct a proper Investigation, "enforced Disappearance" of a youngster aged 17, Killing of a sepherd with Tank Shells, persecuting Journalists for articles on "Missing" People, even a former President of Human Rights' Association, (etc)

- "We (EU) can defend our ideas on respect of Sovereignity and territorial Integrity, on Human Rights and other differences ... without confrontation", Sarkozy stressed, on the occasion of Russian/Georgian conflict, reminding that : "we were only 2 steps from catastroph", when a Peace agreement brokered in Moscow prevented, at the last minute, Russian troops' advance towards Tbilisi.

An EU Parliament Resolution adopted Wednesday in Strasbourg on the occasion of Russia - Georgia conflict, outlines a set of Principle which apply elsewhere too, (particularly when EU Rapporteur for Russia and Turkey is one and same person ; Dutch MEP Ria Oomen-Ruijtanen !)

Clearly rejecting any "military solution to the conflicts", MEPs "condemn ..all those who resorted to force and violence". They denounce a "disproportionate military action", "as well as (an) unilateral decision to recognise the independence" of brekaway regions, "calling.. to respect the sovereignty and territorial integrity" of the concerned country, "and the inviolability of its borders recognised by all EU Member States". They warn that "EU must review its policy towards" a 3rd Country, "should .(it)...not comply with its commitments", and "stress that the withdrawal of.... troops from the areas ....is an essential additional step".

EU Parliament "calls for the safe and quick return of refugees, (accepted by Russian President Medvedev) accompanied by the deployment of EU observers on the ground", and "regrets ...that ..EU Monitoring Mission (EUMM) is not allowed to enter the ...breakaway regions". Moreover, "It's important to ensure that persons and NGOs ..engaged in defending human and civil rights can operate". "Until ...all remaining issues (are) resolved..., and notably the continuing ...Military presence", "relations with the EU ..cannot be fully normalised", MEPS warned.

As nobody likes to be accused to practice "Double Standards", this should be regarded as "Principles" applicable to any Third Country at EU's Neighborhood.. No ?

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On Economy :

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- "When Financial crisis shook US and EU's Banks, without result from the 1st (American) Paulsen plan, it was the common reply of the 1st EuroZone's Summit, involving some 1800 Billion euros, which started a positive move in the markets, soon strengthened by the follow-up of the US Paulson 2 Plan, noted Sarkozy.

- "Europe should not be only on the defensive, but, if necessary, know also how to take an offensive", he said, brushing away hesitationsto act on Economy: - "I'm for a refondation of Capitaliism, but against Speculators, who betray its values" : "Lack of Rules was profitable to speculators, Not to businessmen !" We must make sure to prevent any such crisis in future". "We, the rest of the World, cannot continue to bear the deficits of the 1st World power without saying anything !", the French President said, applauded by EU Parliament. All this needs "a New Global Governance", on which EU Parliament must debate. That's why "we proposed together with USA, several Summits from mid-November", to which G-8, enlarged to China, India a.o. countries, should participate. UNO's SG; Ban Ki Moon, the IMF, etc.

Financial crisis lowered shares' prices even for healthy companies, sometimes to 1/3 of their initial price, so that strangers might buy EU industries for only a portion of their real value, and Europeans may wake up one day with their main industries sold out to foreigners !

That's one of the reasons for which EU should debate about creating "Golden Shares" for States to jointly take Strategic participations to help European Industries until the end of the Crisis, particularly against distording competition, he suggested, pointing at USA's 35 billion $ plan for American Car Industry."We shall struggle for Europe to be able to build Airplanes, Ships, Trains, Cars, because we need a strong Industry", he concluded.

"F.ex. as we did back in 2004, when as Finance Minister, we bought Alsthom's shares for 800.000 euros, and, after restructuring, we sold them for 2 Millions : Help a company and make money is not so bad"...

As for the UK, "when Ireland announced that it would guarantee only Irish Banks, London City emptied from liquidities in 24 hours : It's the EU which helped to restore the situation, Not the UK alone !", reminded Sarkozy to nationalist British MEP Nigel Farage.

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On the contrary, in a last-minute attempt for the EU to catch-up with its Institutional delay "before the European Elections" of June 2009, MEPs simply voted a call for a "set of proposals" to be made for the "Irish public opinion" at the end of the year...

- "As long as Lisbon Treaty is not ratified by all 27 EU Member States, there is an unanimous decision to stop Enlargement, reminded Wednesday in Strasbourg the French Minister for EU affairs, Jean-Pierre Jouyet..

Added to an indirect but clear warning that, without Lisbon Treaty, all 27 EU Member Countries may not have a Commissioner in the 2009 resuffle, MEPS in the Constitutional/Foreign affairs Committees applauded hoping that this might motivate their Irish friends..

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