ECON's chaotic vote on banking reform

EPP rapporteur Gunnar Hökmark (Sweden) — EP

"Do we even know what we are going to vote on after all these scattered votes [on amendments]," S&D group coordinator Elisa Ferreira (Portugal) asked fellow members of the Committee on Economic and Monetary Affairs (ECON), on 26 May. After a laborious two-hour voting procedure on the numerous amendments to the report by Gunnar Hökmark (EPP, Sweden) on the regulation tackling the risky activities of the EU's largest banks, MEPs ended up rejecting the entire report. The outcome came down…

Background

Under the banking reform proposal presented by the Commission in January 2014, supervisors would be empowered to require certain large European banks to place their risky trading activities in a distinct structure, separate from their retail activities. The supervisors would have to respect a clearly spelled out procedure and criteria. Overall, the EPP, ECR and ALDE wish to give supervisors discretion on the separation of certain trading activities based on an evaluation of banks' risks. For the eurozone, the supervisor would be the European Central Bank, not the national supervisors. In contrast, the Greens, EUL and EFDD wish to impose a systematic separation of these activities. The S&D defends a "degree of" separation for a very limited number of banks.

par Manon Malhère

ECON’s chaotic vote on banking reform

Background

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