Di­js­sel­bloem: We have to com­plete bank­ing union

Financial Mirror (Cyprus) - - FRONT PAGE -

We have to com­plete the Bank­ing Union, pro­tect bank de­posits, and strengthen in­vest­ments, Eurogroup Pres­i­dent Jeroen Di­js­sel­bloem told the ple­nary of the Euro­pean Par­lia­ment, ac­cord­ing to a Cyprus News Agency re­port from Stras­bourg.

The Eurogroup Pres­i­dent, who took part for the first time since he as­sumed of­fice, in a ple­nary de­bate at the Euro­pean Par­lia­ment in Stras­bourg, said that there is no need for cyn­i­cism as re­gards the euro, re­ply­ing to crit­i­cal com­ments he heard from many deputies.

The MEPs dis­cussed the EU`s eco­nomic and so­cial pri­or­i­ties for 2016, as set out by the Com­mis­sion in the An­nual Growth Sur­vey, and spe­cific rec­om­men­da­tions for the euro area as a whole, all pre­sented by the Com­mis­sion on 26 Novem­ber.

Di­js­sel­bloem also warned against too much op­ti­mism, be­cause, he said, our so­ci­ety’s in­debt­ed­ness is still hold­ing back growth and fis­cal poli­cies should there­fore be pur­sued.

The Eu­ro­zone Pres­i­dent re­ferred to the speed with which the bank­ing union was set up to sup­port his pos­i­tive take on the euro project.

“But”, he said, “if there is one les­son we have learned, it is that we have to fin­ish what we have be­gun. So let`s com­plete the Bank­ing Union. Let`s pro­tect bank de­posits, let`s strengthen in­vest­ments by get­ting the Euro­pean Fund for Strate­gic In­vest­ments up and run­ning or even ex­pand it, let`s cre­ate a cap­i­tal mar­kets union so that star­tups can get credit too”, he added.

Di­js­sel­bloem also warned that fis­cal poli­cies should be pur­sued as the “in­debt­ed­ness of our so­ci­ety holds back re­cov­ery. There is no quick fix for this - it will take time”.

He also said that at the be­gin­ning of the eco­nomic cri­sis there have been some mis­takes, but noted that the path now is the cor­rect one.

Mean­while, in his in­ter­ven­tion, Com­mis­sion Pres­i­dent Jean-Claude Juncker re­it­er­ated that the Euro­pean Par­lia­ment is the par­lia­ment of the euro.

He ex­plained that “the euro is a po­lit­i­cal project and we are a po­lit­i­cal Com­mis­sion. This project re­quires demo­cratic su­per­vi­sion and demo­cratic ac­count­abil­ity and Par­lia­ment should play a cen­tral role in this”.

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