Speeches

Madam President, firstly, I would like to thank the rapporteur, my colleague Danuta Hübner, for our excellent cooperation in drafting this report. The Banking Union has been one of our key achievements since the financial crisis in 2008. The aim, though, of this annual report is to assess the state of play and functioning of its three pillars: the Single Supervisory Mechanism, the Single Resolution Mechanism and the third one, the European Deposit Insurance Scheme (EDIS), regrettably not yet implemented. As a result of these positive reforms, we have a better capitalised, less leveraged banking sector. Regarding the current crisis, we praise the immediate response and the temporary relief measures to contain economic damage, and we call for a gradual shift from pandemic relief to recovery support tools. As the S&D Group, we ask for a well—regulated banking sector that can provide financing to the real economy during the post—COVID recovery, secure financial stability, and guarantee high levels of protection for retail depositors. Unfortunately, though, the lack of political will regarding the establishment of the indispensable third pillar is a real deficiency of the Banking Union, but also a moral mistrust to the fair functioning of the EU as a whole. In this report, we stress the importance of depositors across the Banking Union enjoying the same level of protection regardless of their bank location. And we call on the Commission to take further steps to relaunch the negotiations on the EDIS through a roadmap-based work plan. At the same time, we call on the Council to a firm commitment towards an agreement, despite the disappointment of the June Council meeting. Lastly, this report underlines the importance of protecting consumer rights against abusive contract terms and practices employed by banks, and cautions the Commission to scrutinise consumer contracts to ensure the effective implementation by all Member States of the Unfair Contract Terms Directive, using all means available.

Mr President, warm congratulations to my colleague, Tonino Picula, on his report on the future of European Union-US relations, such an important and topical issue. Importantly, because close cooperation from trade to security was based on shared values, shared priorities and shared interests and so needs to continue and broaden on issues listed in the report, such as climate change, human rights, the digital transition, terrorism and others. However, as the US adapts to its own priorities, our priority is to address the threats that exist from the Caucasus to the Eastern Mediterranean. Strategic autonomy and the European defence union, which some people here have been proactively talking about, are now a necessity, because the events in Afghanistan and the Pacific have overtaken us. Finally, a few days ago we had the France-Greece defence agreement, which can be a step on this great path for a Europe with a common defence and common security and a geopolitical role in the world.

Mr President, this mechanism is an important tool for the accession countries to carry out the necessary reforms to fully comply with the European acquis. Congratulations to the contributors to this document. But before we reach full compliance, some fundamental conditions are laid down concerning the principle of democracy, human rights, the rule of law, respect for agreements with the European Union and much more. All this is already being violated by the Turkish Erdoğan regime. As regards the Turkish regime's external relations with the European Union, this continues the illegal occupation of European Union territory in Cyprus. It does not even respect the rulings of the European Court of Justice. It violates the principles of good neighborliness. It does not even recognise the Republic of Cyprus, while there is already an agreement with the European Union to this effect. It expands the crime of colonization in Varosha, Afrin and elsewhere. It invades the internationally recognized EEZ of the region. Commissioner, I am addressing you. It would be good to admit all this publicly if we want this regulation to be properly implemented.