Economic and Monetary Affairs Committee MEPs quizzed Commissioner Barnier Monday on his upcoming proposals for dealing with banks in trouble. They pressed him to present an ambitious plan. Other questions concerned planned legislation on shadow banking and insurance as well as transatlantic relations.
Mr Barnier confirmed that the Commission would propose a single resolution authority to deal with banks in trouble. Giving clear indications of the model he envisaged, Mr Barnier said that the authority "will do more than just coordinate work between national authorities. We have seen the limits of coordination."
He also confirmed that he did not believe a change to the treaties was required for the system to be set up. He nonetheless acknowledged that German worries were understandable and that a treaty change could be envisaged at a later date, to perfect a banking union that would be already up and running.
In the Chair: Sharon Bowles (ALDE, UK)
See debate at Video on Demand link to the right.