Ramon Tremosa i Balcells, on behalf of the ALDE Group. – Mr President, the banking union is an EU project after the creation of the euro and it is fundamental for the future of our currency. The absence of European financial supervision was one of the reasons that brought us to the financial crisis. National financial supervision is less effective as banks globalised their activities. The ECB has been reliable and has won strong credibility. The contrast with some national central banks is huge.

Yesterday, for instance, the former President of Banco de España, Miguel Ángel Fernández Ordóñez, as well as his supervisory team, were indicted by the Spanish justice on charges of allowing irregularities in Bankia’s initial public offering in July 2011. Bankia’s IPO was done, even though Banco de España knew that it was close to bankruptcy. It was just done because of the close relations between the Banco de España and Bankia’s Director, Rodrigo Rato. Thousands of people lost their savings and Bankia was bailed out for EUR 23 billion, paid thanks to a European bail—out. This is why the banking union is so important: to say goodbye for ever to the bad practices of many national supervisors in many national central banks in Europe.

I would like to call attention to the amendment to be tabled with the Greens and ECR: the use of public money to bail out banks has to be only in exceptional cases. If the rules of the banking union are not followed, as may happen now in Italy, our future will be full of more public deficits and a new banking crisis will put the euro at risk. Only if all Member States comply with banking union legislation will it be possible to create a European deposit guarantee to complete our project and give extra assurance to citizens and investors.

(The speaker agreed to take a blue-card question under Rule 162(8))