Launch of tough negotiations on final step to banking union
Negotiators for Parliament and the Greek Presidency of the Council start talks on Wednesday in a bid to reach a deal in the coming months on the next step towards banking union –- an EU system for winding down failing banks, with a single fund to pay for this. Positions are far apart, with MEPs insisting that the system must not be cumbersome or vulnerable to political back-room deals.
Both EP President Martin Schulz and the MEP leading the negotiations, Elisa Ferreira (S&D, PT) have stated clearly that the single resolution mechanism and the fund must be truly European and the decision-making process must be able to work swiftly, free from political interference. They also stress the importance of establishing a fund that will be capable of fulfilling the fundamental goal of banking union – breaking the link between taxpayers and banks.
Parliament’s negotiating position was approved by a very large majority in the economic and monetary affairs committee.