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 Full text 
Tuesday, 11 February 2020 - Strasbourg Provisional edition

European Central Bank - annual report 2018 (debate)

  Luis Garicano, on behalf of the Renew Group. – Mr President, I would like to thank Mr Dombrovskis and to welcome Madame Lagarde. It is really great to have her here.

First of all, I would like to thank Mr Costas Mavrides for his excellent work on the report. As you see in the report, Madame Lagarde, we are worried about the incompleteness of our banking union. I’m glad to hear Mr Dombrovskis say that the Commission’s work programme is going to push in this direction.

We share very much the views that you expressed about what the priorities are, Madame Lagarde. We think that the ‘doom loop’ is alive and well. We think that it is still the case that, if we have a big bank fail, there will only really be states behind that bank and that our construction will not be sufficient. Because we have done a banking union that was supposed to consist of three pillars.

The first pillar, which is supervision, is in place. The second pillar, which is resolution, is kind of in place, but not really in office – ‘in office but not in power’ I guess is a better way to put it. It is not really acting to resolve most situations and most banks which are failing. The third pillar, as Madame Lagarde has pointed out, the deposit insurance, is not yet there.

We believe that we need a banking union that cuts this knot between the banks and the states. We think that we need this principle of bail—in, rather than bail-out, to be enforced. And that means that the Commission has a lot of work to do.

We will support that work and will really encourage you. We realise that it is politically difficult. I think the Parliament is ready to come behind a solution and I ask Madame Lagarde for your support. And Mr Dombrovskis for your work on this, thank you very much.

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