Disappointing banking union plan could create more problems than it solves

“The need for banking union is unquestionable but the way this has been put together leaves much to be desired” GUE/NGL MEP Jürgen Klute told MEPs in this mornings debate on European banking union.

“The limits of this proposal mean we will be left with the patchwork system we had before which might end up generating more problems than it solves. The ball is in the Council's court to put in place the necessary framework for full banking supervision.”

“A dedicated and democratically controlled body should be responsible with this parliament recognised as the relevant body for controlling the European Central Bank's supervisory branch.”