Downing Street Says » EU banking union

» Thursday, December 13, 2012

EU banking union

Asked if the banking union deal gave the UK enough protection, the PMS referred to the Chancellor’s statement of that morning which the PM echoed. The UK wanted to make sure the single market was protected and countries that weren’t going to join the banking union, like the UK, were protected. That had been achieved.

Asked how the single market would be protected, the PMS said there would be an explicit ban on discrimination between member states in the Eurozone and those not in the single currency. Details were still being worked though, but that was a good outcome for the UK.

Questioned on how the ban would stop discrimination, the PMS said that binding rules had been agreed and safeguards had been built in. For example: having a double majority decision making mechanism; making sure there was geographical balance on the EBA chair and other appointments; an agreement to a principle of symmetry of intervention powers – which meant EBA mediation cases would be binding on both ECB and other authorities; and an agreement that the banking union only covered banking and not other financial services.

Asked what the PM thought of some Conservative MPs’ fears that this was the thin end of the wedge, the PMS reiterated that the UK had achieved its objective of safeguarding the single market and we wanted to ensure decisions were made in the interest of the UK.

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