PES Family ensures banking union deal protects citizens


Martin Schulz doorstepping at Pre-Council today

Martin Schulz doorstepping at Pre-Council today

After a long series of negotiations, representatives of the European Council and the European Parliament, headed by S&D MEP Elisa Ferreira reached a strong deal on the banking union early this morning. The negotiators agreed that the cost of an ailing bank should be covered by the banking sector itself, and that taxpayers should no longer have to carry the burden of the excess of the unbridled financial sector.

Speaking from Brussels PES President Sergei Stanishev stated: ‘From the beginning of the negotiation process, the goal of our political family was to safeguard taxpayers money and to protect our citizens. The leadership of the head of the Eurogroup Jeroen Dijsselbloem and of the President of the European Parliament Martin Schulz has resulted in a very positive outcome for European citizens. It is thanks to their hard work that we now have a mechanism that is strong, viable, and efficient. This is a great tool that will ensure that citizens never again have to pay for the failure of banks.”

The deal on the single resolution mechanism reached early this morning outlines the rules and procedures that should be followed in case a bank is in trouble. The major achievements of the agreement include the respect of the community method, an efficient and swift decision making process and a set of uniform rules for bank resolution.