Verbatim report of proceedings

Wednesday, 24 April 2024 - Strasbourg

Amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks - Amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor (joint debate - Banking Union)

  Frances Fitzgerald (PPE). – Mr President, Commissioner, thank you for your work. Almost 12 years ago to the day, 25 April 2012, the then ECB President stood in front of this House and called for the long overdue integration of European banking policy – in short, banking union.

We are 12 years on and we have made great strides, but our banking union is missing its third pillar. This week we’re finalising our position on the updated crisis management framework. Last week, the ECON Committee finally supported a proposal for an initial European deposit insurance scheme.

Time is no longer a luxury if we want to show that European economic integration can indeed provide the conditions for a stable and innovative banking industry. While we have reduced the risk, many of the problems we face 12 years ago are still with us. Bank debt and sovereign debt are still too closely intertwined in some countries.

A European approach would bring more competition and better value for people. It would make a real difference in the lives of our citizens, and that is what is important. We need to complete the banking union. In the end, we only regret the chances we didn’t take.