No solidarity without responsibility

Europe must review the regulations concerning state aid to the banking sector. The taxpayer is still coughing up considerable sums for banking mismanagement. That’s the message in a report critical of the European banking union. The author of that report is MEP Sander Loones: “Although growth in Europe is picking up, things are far from being a bed of roses in the European banking sector.”

Mixed success

The European Parliament evaluates the state of the European banking union every year. The new report is a good deal more critical than the previous reports. “In 2017, the European banks still had a billion euros in toxic assets,” MEP Loones explains. The new European regulations on failing banks have met with mixed success. In Italy, billions of taxpayers’ money once again went to two ailing Venetian banks. According to Sander Loones this is, “incomprehensible”.

Perfecting the banking union

The report advocates making extra efforts to perfect the banking union. To do so, countries like Italy must first get their banking sectors in order, MEP Loones believes: “With no accountability there can be no solidarity, which is why we are demanding a major clean-up and stricter rules intended to help avoid problems in future,” he concludes. The report received the support of a large majority of MEPs.