Greek presidency given flexibility to negotiate deal on SRM, Stournaras says after ECOFIN

20:11 18/2/2014 - Πηγή: Matrix24

EU finance ministers continued efforts to find a compromise on the issue of a European banking union during Tuesday’s ECOFIN Council, as the European Parliament and Council remained divided regarding a Single

Resolution Mechanism (SRM) for European banks.

Presenting the results of the meeting in his capacity as council chair, Greek Finance Minister Yannis Stournaras said the Greek EU Presidency welcomed the Council’s willingness to give sufficient flexibility to explore alternative solutions with the European Parliament. He said that these be examined in detail at the next ECOFIN meeting on March 11 and stressed that finding a common ground, which would allow agreement within the current legislative period, was a matter of urgency for the Greek presidency.

Stournaras insisted that a final agreement is in the joint interests of all parties involved. On the issues on which a compromise might be found, he referred to the details concerning the decision-making process during the transitional period in the operation of the SRM, the role played by the Council and the European Central Bank and bail-in procedures.

European Commissioner for internal market and services Michel Barnier said there had been a constructive spirit during Tuesday’s talks, while acknowledging the objections voiced by the European Parliament. He appeared confident that a deal can be struck between the Council and the EU Parliament within the next two months.

Eurogroup president Jeroen Dijsselbloem also spoke of «constructive» discussions that made it possible to come closer to an agreement, noting that all sides had stressed the need for an agreement by the end of March.

The European Parliament objects to the ECOFIN Council decision last December to set up parts of the SRM through an intergovernmental agreement. It also questions the decision-making process for placing a bank into resolution, saying the decision should be made by the European Commission and not the member-states.

source: ΑΜΝΑ