The European commissioner for the internal market and financial services, Michel Barnier, is also a member of the Monti-bis party, officially born in Cernobbio on the occasion of the Ambrosetti workshop even if at the moment rejected by the person concerned.
A great friend of the Italian premier since the days of their common militancy during Romano Prodi's mandate in Brussels ("he was the first international personality whom Monti invited to dinner as soon as he received his mandate as Prime Minister", reveals his spokesman), Barnier he doesn't go too far ("it's not my role") but at the same time he doesn't hesitate to acknowledge full merit and full support for the work of the government presided over by the professor: "I have full confidence in him, his presidency is benefiting Italy and to Europe”.
However, the Italian efforts have not been fully repaid, as emerges from various authoritative testimonies heard on the shores of Lake Como, from Nouriel Roubini to Herman Van Rompuy. The watchword, endorsed by Barnier, is: "In relation to the progress made, the interest rates of countries such as Spain and above all Italy are anomalous".
And so here is the acknowledgment of another Italian Mario, Draghi, who on Thursday "in full autonomy and that of the ECB, took a very important decision that will try to stem some imbalances by putting an end to a series of speculations that damage spreads Italians and Spaniards".
But to give further breathing space to the markets and above all to the credit system, Barnier confirmed for Wednesday 12 September the announcement of the new European banking supervisory body, "whose proposal was implemented in a timely but not improvised manner, after the European Council at the end of June” from which came the request of the seventeen heads of state of the Eurozone.
With regard to the institutions to which the provision is addressed, the EU commissioner was clear: “The body will carry out effective and effective supervision of all banks, even non-systemic ones. Suffice it to say that it is precisely those banks, such as Dexia, Bankia and Northern Rock that have created the most serious problems”.
“However, I want to clarify – continued Barnier – that it will only be a question of supervision, as envisaged pursuant to article 127/6 of the EU Treaty (which allows the transfer of this competence from the EBA to the ECB, ed), and not it will be a regulation or a control in the daily detail. That control, I am thinking in particular of consumer protection, will continue to be entrusted to the competent bodies of the 27 member countries". There will not only be a proposal for a new supervision being examined by the Commission: Barnier also speaks of the modification of the voting rules within the EBA. "We need to find the right balance in the internal market, between the countries that are already part of this supervision and those that are not yet in the eurozone".
When will the new organization start? “We are confident that the finance ministers and the European Parliament will be able to adopt the reform within this year, and therefore bring it into force starting from January 2013. But all this – Barnier confesses – should have been done 10 years ago. Now we can recover, but a new democratic debate is needed, a new and strong democratic legitimacy".
