The Commission, acting as resolution authority, should be empowered to decide to wind down a bank in the banking union, says a draft law voted by the Economic and Monetary Affairs Committee on Tuesday. MEPs also stipulated that only the bank supervisor should be able to propose that winding down be initiated, and that all banks of participating countries fall under the system. A resolution fund, set up within 10 years and funded solely by banks, could initially tap loans from other instruments.
The EU member states’ current plans for a common system for winding down troubled banks risk being too complex to work, European Central Bank President Mario Draghi told the Economic and Monetary Affairs Committee on Monday. Parliament’s view of these plans, for which the committee is to approve a negotiating mandate on Tuesday, is likely to be much closer to Mr Draghi's vision than that of member states.
Daniele Nouy got the green light from the Economic and Monetary Affairs Committee on Thursday to chair the European Central Bank's Supervisory Board, the EU's newly-established watchdog tasked with directly overseeing the EU's largest banks as well as the work of national bank supervisors.
Danièle Nouy, the ECB's nominee for the new post of EU bank supervisor, was vetted by MEPs on Wednesday at a hearing in which she was quizzed about her views on banks' exposure to sovereign debt, the accountability of the future supervisor and the need to develop all the pillars of banking union.
Commissioners Olli Rehn and Laszlo Andor came under fire from various quarters on Thursday when presenting the Commission's Annual Growth Survey to MEPs on the Economic and Monetary Affairs and Employment committees. Many MEPs disputed Mr Rehn's claim that economies were improving and critised the Commission for continuing to administer more of the same medicine. German centre-right MEPs chided the Commission for having taken aim at their country in its latest assessment of EU economies.
Everyone legally residing in the EU must have the right to open a basic payment account, and this right should not be denied on grounds of nationality or place of residence, said the Economic and Monetary Affairs Committee amending a draft law to this end on Monday evening. Moreover fees and rules for these accounts should be transparent and comparable, it adds. The text, approved by a large majority, will be put to a plenary vote in December before being fine-tuned with EU member states.