Eurocommission: the Decision on creation of the bank union needs to be accepted in 2012ã.Ministers of Finance of the countries of an eurozone should reject all doubts and to show “ political will “ in a question of creation of the high-grade bank union meaning transfer of supervising powers to uniform regulating body, the eurocommissioner on financial regulation Michel Barne has declared.
On the threshold of a meeting of Ministers of Finance of the European Union (EU) next week on which the resolution opening road to creation of the bank union can be accepted, M.Barne has underlined importance of maintenance of trust of the financial markets to economy of the countries of the currency block, transfers Reuters.
“ time of the decision Has come to make. The political decision (concerning creation of the high-grade bank union) is necessary for accepting by the end of December 2012ã. I know that it is possible “ - has explained M.Barne. Some participants of negotiations, however, doubt that necessary for creation of the high-grade bank union questions can be solved by the end of current year.
any decision connected with creation of uniform European body on supervision of bank system of region, should be based on existing realities, the eurocommissioner on financial regulation has told, having added that existing European conventions nevertheless can be changed better to correspond to requirements of the high-grade bank union.
we will remind that some days ago head of the European stabilisation mechanism (ESM) Klaus Regling has declared that during crisis the eurozone has appreciably lost the international authority and now it is necessary for heads of the European Union to prove that the currency union is indestructible and moves in a direction of the general budgetary and economic policy.
“ All other world has like such scepticism in relation to our idea of the currency union what resist to it we can only by institutional changes. It is necessary for us to provide stronger bases for an eurozone, and for this purpose, most likely, reform of the contract on the European Union " is necessary; - has noted K.Regling.
head ESM considers as one of vital changes transfer of function of bank supervision uniform for all EU countries to the European Central Bank which will closely co-operate with national regulators, and directly to supervise only the greatest banks. However, in crisis situations ETSB should have the right to interfere with affairs of any bank in any countries of an eurozone.
in the middle of October 2012ã. Leaders of the EU countries have reached the preliminary arrangement on creation of the high-grade bank union. However, the project of the bank union being in working out suits now not all participants of EU. So, Germany considers that at the European Central bank (ETSB) to which, according to the plan, supervising responsibility over all banks of a zone of euro will be delegated, the right to impose the veto on budgetary plans of the countries - participants of EU should be given. With it Great Britain which also considers does not agree that in the given kind the plan of the bank union will threaten the state sovereignty.
the bank union assumes three steps: investment ETSB with the right to supervise all banks of a zone of euro, and also wishing to join the given scheme EU banks, fund creation on closing of problem banks and the high-grade scheme of protection of contributions on all eurozone.
according to economists, use of the general scheme of actions concerning problem banks will allow to depart from used before the unsystematic approach which has led to growth of cost of service of debts of economically weak countries and, as consequence, to disappointment of investors.
Transfer of supervising rights ETSB also opens possibility of the direct financial help to banks at the expense of action of constant anti-recessionary fund of a zone of euro ESM.