Debating Economic Governance with the European Commission

The Case of the Banking Union
20 June 2013
Article

On 23 May 2013, TNI and Corporate Europe Observatory (CEO) hosted a public debate in Brussels on the case of the European Central Bank and the Banking Union.


Our guest was Mr. Maarten Verwey, Deputy Director-General of Financial and Economic Affairs of the European Commission. The panelists, Kenneth Haar (Corporate European Observatory) and John Grahl (Euromemorandum and Middlesex University, UK), challenged key components of the European Commission’s Economic Governance proposals for a “Genuine Economic and Monetary Union” - the main components of which are the creation of a Banking Union, "contracts" on economic policy, and ultimately a Fiscal Union. This agenda demands substantive transfers of sovereignty from member states to the EU and will require changes to the Treaty, they argue. John Grahl claims the “Hooligans” of the internal market never sought regulation, and still don’t, while Kenneth Haar wonders, if the European Central bank would be less likely to be influenced by banking sector interests than the national central banks.

Watch the footage from the debate below.