Welsh Conservatives in the European Parliament
Dr Kay Swinburne MEP

Single Supervisory Mechanism, Strasbourg, 12.09.13

Today´s vote on a Single Supervisory Mechanism is only the first part of a new banking union for the Eurozone first announced in July 2012. There are three more important aspects still incomplete namely, to achieve a common approach to deposit guarantees, a framework for the recovery and resolution of banks and to establish a common resolution fund for those Eurozone banks in trouble.

None of these files should be rushed, getting the architecture right this time around for the Eurozone is critical.

Therefore it is of paramount concern to anyone, both inside and outside the Single Supervisory Mechanism that we build this new structure, with care and pre-awareness of potential consequences to all players. The many safeguards and democratic accountability mechanisms that we are all so used to in a national context have however now been ensured in this new pan-European supervisory structure.

The ECB as an independent supervisor should though be aware that independent does not mean unaccountable.

The Parliament’s negotiating team, has insisted on an inter-institutional agreement which allows the EP greater scrutiny over the ECB’s decisions on banking supervision. We have set in place a system which will mean that we,  the Parliament should be in a position to understand and hopefully explain to  citizens the difficult decisions that the ECB will have to take in future over the state of the banks, and therefore the economy at large.

My group was keen to ensure that the supervisory arm of the ECB and the monetary policy arm of the ECB remained separate. Monetary policy should be free from political influence; I am happy to say that this was achieved with separate staffing arrangements and separate reporting lines as well as a specific supervisory board for decisions to be agreed before being proposed to the ECB Governing Council for endorsement.

Uniquely in the EP, the ECR Group has more members from countries outside of the Eurozone than from countries within; some are signed up to join the euro while my own member state is not. I would therefore like to say a personal thank you to the other members of the negotiating team – in particular Mrs Thyssen and Giegold, for recognising that for the Banking Union to work it must take into account the needs of those outside the Eurozone too. This package, which we will vote on today establishes the single banking supervisor for the Eurozone area whilst respecting the integrity of the single market.

With so many Eurozone banks operating across EU borders including owning many banks in non-eurozone countries, the success of the SSM is of primary importance to all European economies. Even from the stand point of the UK, it is not in our interests for the Eurozone to go from crisis to crisis – a strong Banking Union for the Eurozone represents the stability that the whole EU needs to rebuild our economies. Giving the Bank of England new powers over financial stability and banking supervision was one of the first things the UK Conservative led Government did when it came to power in 2010, and it hasn’t regretted it so far. I hope the Euro area will feel the same way.

I fully recognise that it was hard for some in this Parliament to support a dual voting system within the European Banking Authority, yet safeguarding the single market for those who have chosen to stay outside of the Eurozone is yet another key to economic recovery and future stability.

Big political projects which failed to take into account the realities on the ground are part of the reason why we have had the wider sovereign debt crisis in the Euro area.

I can only ask that my colleagues working on the other legs of the banking union the DGS, RRD and the SRM also be open minded in considering the views of those who are outside of the ECB Single Supervisory regime.

Ensuring fairness for all Member states and allowing those who chose to stay outside single systems can, does make a difference, both practically and emotionally for my constituents.

A more integrated financial system for the Euro area is becoming a reality, but this file sees the emergence of a new single supervisor with democratic scrutiny and safeguards, within a broader Single Market for financial services.

 

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Welsh Conservatives
04/12/2013

The European Commission has today designated European Protected Geographical Indication (PGI) status to the well-known Pembrokeshire Early Potato from West Wales.
 
The Pembrokeshire Early Potato was one of only three quality farm products whose applications for PGI status were approved today.
 
The EU PGI schemes protect product names against misuse and under these schemes more than 1200 products are already protected.
  
Commenting on this announcement from the European Commission today Dr Kay Swinburne MEP – who is from West Wales - said:
 
"I am delighted to see that this application to have "Pembrokeshire Earlies" added to the register of PGI products has been approved by the European Commission today."

"Achieving this prestigious status is a clear acknowledgment of the high-quality and distinctive produce we continue to deliver in Wales. Pembrokeshire Early Potatoes thoroughly deserve their place alongside the well-known food and drink products from right across the EU which already feature on the PGI register."

 
26/11/2013

Kay was delighted to host an event to celebrate Higher Education, Science and Innovation in Wales last night in the European Parliament.  The event builds on the British Council’s “Strategic Analysis of the Welsh Higher Education Sector, Distinctive Assets”.  A number of experts spoke to share their views of Welsh HE at the event and how it can develop in the future.
20/11/2013


In advance of the 'Fox-Hafner Report' vote on the single seat for the European Parliament, Kay and the other UK Conservative MEPs feel it is right to draw attention to the fact that the seven-year cost of the dual-seat arrangement comes to £928,000,000. Since her election to the European Parliament in 2009, Kay has strongly supported bringing the monthly Parliamentary meetings in Strasbourg to an end and therefore saving taxpayers a considerable sum of money.

20/11/2013


Kay was delighted to meet Malala Yousafzai, who was awarded the EU's Sakharov Human Rights Prize at the European Parliament today.
 

Following Malala’s speech to the European Parliament, Kay said, “What an inspirational speech Malala gave to the Members of the European Parliament today. As a mother of young children myself, I hope that they can also aspire to achieve like her. Malala is an exceptional young lady who has overcome adversity by tremendous force of character and a passionate belief in the right of everybody to enjoy and benefit from education.”   

12/11/2013



Kay was very pleased to meet with members of the Advanced Manufacturing Research Group at the European Parliament in Brussels, one of four groups set up in key Welsh research strengths to engage with EU research funds. The delegation visiting Brussels included representatives from Cardiff University, Bangor University, Swansea University and Trinity St.Davids University.

23/10/2013
In advance of tomorrow's European Council meeting of leaders, Dr Swinburne has echoed the recommendations made in a recent report published by a number of business leaders, which highlights the importance of removing barriers to business competitiveness in Europe and getting rid of burdensome legislation by cutting EU red tape.

 
Last year Dr Swinburne encouraged businesses in Wales to highlight to the European Commission which over-burdensome regulations they would like to see slashed, by writing to small businesses all over Wales and asking them to tell her their red-tape problems.
08/10/2013


Electronic cigarettes no longer face being taken off the shelves by the EU after Conservative MEPs were successful today in amending EU legislation on tobacco labelling.

Conservative MEP's led the amendment to defeat proposals that would have classified e-cigarettes as medicinal products, meaning they would have to undergo an overly burdensome and costly authorisation procedure, which would go beyond the procedures for traditional tobacco products... (Read more under 'Articles')

 


18/09/2013


Welsh Conservative MEP Kay Swinburne has been sitting down with leaders in Europe's biotech field to choose the top five candidates to compete in this year's EuropaBio Most Innovative EU Biotech SME Award.

As a member of this year's judging committee, Kay is once again supporting the EuropaBio award, which has attracted applications from all three sectors of biotechnology - healthcare, industrial and agricultural, from across the EU... (Read more under 'Articles')

11/09/2013


WELSH Conservative MEP Dr Kay Swinburne today hailed a vote in the European Parliament as a "wake-up call" in the battle to save Europe's endangered languages.

MEPs meeting in Strasbourg backed a report which calls on governments across the EU to develop action plans to encourage continued linguistic diversity.

The report, written by Corsican MEP François Alfonsi, also says governments should be "more attentive" to threats which may lead to languages becoming extinct.

Dr Swinburne, who was a shadow rapporteur for the report, has argued that Welsh can be seen as a positive example of language revitalisation which communities across the EU should follow... (Read more under 'Articles')

Contact Us
Dr Kay Swinburne MEP
Rhumney House
Copse Walk
Cardiff Gate Business Park
Cardiff
CF23 8RB

Tel: 029 2054 0895
kayswinburnemep@welshconservatives.com

National Political Party: Conservative Party
European Group: European Conservatives and Reformists Group (ECR)

European Conservative and Conformist Group
© Copyright Kay Swinburne 2013 | All rights reserved. | Photographs of the Parliament supplied by Adam Issacs.
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