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Greens Spearhead Eurozone Banking Solution

Members of the European Parliament have agreed legislation to establish a European banking supervision system for banks within the Eurozone, a move welcomed by Greens in the South West. The Green Group in the European Parliament have been key movers in the work to rein in the European banking sector.

Molly Scott Cato, lead candidate for the South West in the 2014 European elections and finance speaker for the UK Green Party commented:

‘While the UK government fails to implement the changes called for by the Vickers Commission, the European Union is forging ahead with stronger regulation of banks within the Eurozone area. This has been achieved in no small part thanks to the sterling work by European Greens to restrain the worst excesses of the Eurozone banks. It is unclear how UK banks will be affected by this regulation but we would seek to introduce similar constraints on the activities of the dominant UK banks and the City to ensure that they work in the public interest rather than the interests of their shareholders’.

Notes:

For further details on the new European banking supervision mechanism see: Banking supervision: A leap ahead for Europe: http://www.sven-giegold.de/2013/banking-supervision-a-leap-ahead-for-europe/

Contacts:
For more information please contact:

Andrew Bell, SW Green Party Press Officer abell@phonecoop.coop 07903 932220

Molly Scott Cato molly@gaianeconomics.org 07890 832891

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