The vote, which had been blocked for months, became possible after the ECB agreed to guarantee the EU parliament insight into its decision-making processes.
From september next year, the ECB is to supervise around 130 of the eurozone’s most important banks, including about 25 in germany. This is likely to include deutsche bank, commerzbank and postbank. Banking supervision is a central element of the banking union of the 17 european countries in order to be prepared for financial crises. With the supervision the common wahrungsgebiet is to be made more crisis-safe.
The first task of the central bankers will be to thoroughly examine the banks, as in the case of the "stress tests", in order to identify possible imbalances. The aim is to assess which banks need to be placed under direct supervision. The bundesverband deutscher banken and the ECB welcomed the parliament’s vote.
ECB president mario draghi called the outcome of the vote "a real step forward for the establishment of a banking union, which is a core element of a genuine economic and monetary union".
The president of the bundesverband deutscher banken and co-chairman of the management board of deutsche bank, jurgen fitschen, said that "a single supervisor for all market participants will make the european financial system more stable and crisis-proof. Banking supervision is taken away from national interests and the ECB can ensure a level playing field for all market participants".
The president of the association of german public banks (vob), gunter dunkel, criticized that the separation between the work of the ECB as a supervisory authority and its monetary policy tasks was "not convincing". This found dark as "weak of the ECB supervision".
With the final vote of the EU parliament, the first and most important pillar of the banking union is in place. Banking supervision is also a prerequisite for ailing banks to be able to receive direct financial injections from the euro rescue fund ESM. The full banking union also includes the liquidation or closure of ailing banks and the controversial question of a uniform deposit guarantee system in europe, i.E. How customers’ bank deposits will be protected in the future.
For EU internal market commissioner michel barnier, this and the upcoming votes on the other pillars are "the most important issue since the introduction of the euro". The work is not over yet," said barnier after the vote. "We must learn the lessons of the financial crisis, which is not over yet". Taxpayers had to be spared, and eurolanders had to gradually regain the confidence of financial markets.
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