unimelb-nlp/MultiEup-v2 huggingface dataset:
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: José Manuel García-Margallo y Marfil
Political group: PPE
Country: Cyprus
Language: ES

Señora presidenta, señora comisaria, la Escritura nos habla de las vírgenes necias y las vírgenes prudentes. En la crisis de 2008 la Unión Europea se comportó como las vírgenes necias y cuando llegó el Señor no tenían aceite en el candil. En aquel momento el Banco Central Europeo tardó mucho más que sus colegas estadounidenses, japoneses o ingleses en bajar los tipos de interés o en comprar activos en los mercados. Los Gobiernos nacionales se vieron forzados a acudir al rescate de sus instituciones financieras en completa soledad, hasta bien avanzada la crisis, porque no hubo una reacción solidaria. El resultado fue unos programas de austericidio realmente notables y un torpedo en la línea de flotación del proyecto europeo.  ¿Hicimos algo bien? Hicimos algo bien. Hicimos el Mecanismo Único de Supervisión y regulación de bancos, de seguros, de mercados, acciones y la Junta Europea de Riesgo Sistémico. Pero se nos quedaron temas en el tintero: completar el mercado de capitales, el seguro europeo de fondos y los mecanismos de gestión de crisis.  Y una advertencia: soy perfectamente consciente de que el objetivo principal del Banco Central es mantener la estabilidad de precios; pero sin olvidar los otros objetivos del Tratado, sin olvidar que debe actuar —debe— de tal manera que no ponga en riesgo un crecimiento, que es muy débil y que puede desembocar en recesión. La política de interés  —el Banco Central es independiente— debe hacerse contemplando estos dos objetivos.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Irene Tinagli
Political group: S-D
Country: Slovenia
Language: EN

Madam President, thank you Commissioner for being with us for this important debate. The failure of Silicon Valley Bank teaches us some lessons. Commissioner has already outlined several of them, but I want to stress two of them in particular.  The first is that an ambitious prudential regulation is a necessary condition not only for having healthy and solid banks, but also for preventing financial dominance. The second lesson is that either there is a fully fledged bank crisis management framework able to deal with both idiosyncratic and systemic crises or, in the end, only citizens pay the bailout bill. In the EU, we were pretty good on the first point – although the work has yet to be completed and I agree with most of the things that our rapporteur Fernández said on the Basel III negotiations – but momentum was lost on the second part, the bank crisis management framework. If we really want to strengthen the banking system and make economic policy truly independent, we have to deliver as soon as possible on one thing: the completion of the banking union.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Claude Gruffat
Political group: Verts/ALE
Country: Hungary
Language: FR

Madame la Présidente, la faillite de la Silicon Valley Bank nous rappelle la Grande Dépression, une bonne vieille panique bancaire comme au début du XXᵉ siècle. Qui aurait pu le prévoir? Eh bien, tout simplement les superviseurs, si le gouvernement Trump n’avait pas pris le chemin de la dérégulation financière en assouplissant les exigences réglementaires pour les banques de taille moyenne. Sans cet assouplissement, je vais prendre l’exemple de la Silicon Valley Bank, celle-ci aurait pu mener des tests de résistance qui auraient révélé sa vulnérabilité à la remontée des taux d’intérêt. Cela aurait permis à la banque et aux superviseurs de réagir à temps. Car depuis ces réformes, la petite Silicon Valley Bank a beaucoup grandi et a doublé son bilan, jusqu’à dépasser les 210 milliards d’actifs tout en continuant de bénéficier desdits allégements. Chers collègues, nous discutons en ce moment de la révision de la régulation bancaire. La plupart des États membres, dont la France, et la majorité des groupes s’accordent pour dévier des standards internationaux et alléger les exigences applicables aux banques européennes. La faillite de la SV Bank et des autres nous avertit: ne reproduisons pas nos erreurs de la crise de 2008 et sortons, bien sûr, de la trajectoire de la dérégulation.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Michiel Hoogeveen
Political group: ECR
Country: Sweden
Language: NL

Voorzitter, de val van Silicon Valley Bank is het gevolg van het roekeloze gedrag van beleidsmakers en centrale bankiers. Door het lagerentebeleid en het gratis geld werden onverantwoorde risico’s genomen. Daardoor kwam er geld op de verkeerde plekken terecht. Daar ligt óók de oorzaak van de hoge inflatie. Centrale banken moesten daarom snel de rente verhogen, waardoor de banken die onverantwoorde risico’s namen nu in de problemen komen. De belastingbetaler mag hier niet voor opdraaien.  We kunnen enkel hopen dat Europa gevrijwaard blijft. Wat we in ieder geval niet moeten doen, is de renteverhogingen stoppen. We moeten doorgaan met het onder controle krijgen van de inflatie, de dief van de gewone man. Dus: doorgaan met de renteverhogingen, doorgaan met het opbouwen van kapitaalbuffers van banken, en eindelijk hervormingen doorvoeren en schulden afbouwen.  Voorzitter, inflatie aanpakken gaat zelden met een zachte landing. Laten we hopen dat een domino—effect ons bespaard blijft.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Antonio Maria Rinaldi
Political group: ID
Country: Italy
Language: IT

Signor Presidente, Commissario, onorevoli colleghi, premesso che l'attuale crisi bancaria statunitense per ora ha dei contorni molto diversi rispetto a quelle precedenti, non possiamo fare a meno di evidenziare queste considerazioni.  Primo: il fallimento della  Secondo: la politica monetaria intrapresa nell'ultimo anno dalla BCE sull'aumento dei tassi per contrastare l'aumento dell'inflazione espone oltremodo il sistema bancario finanziario a rischi sistemici come quello del 2008: all'aumento repentino dei tassi ha corrisposto una caduta dei corsi degli  Potrebbe manifestarsi quello che gli economisti chiamano la "teoria del cigno nero". Queste considerazioni dovrebbero indurre la BCE, come già sta accadendo per la Fed, a rivedere immediatamente le sue prospettive sulla dinamica dei tassi di interesse, unitamente a una comunicazione più rassicurante nei confronti di cittadini e imprese, già enormemente colpiti dal recente aumento del costo di prestiti e mutui.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Danuta Maria Hübner
Political group: PPE
Country: Germany
Language: EN

Madam President, the failure of SVB is attributable to the bank’s mismanagement and its particular risk profile. However, the bank’s mismanagement went unnoticed because the bank was not captured by the regulatory scrutiny, as it was not under the scope of prudential rules. This is why, while the ultimate fault rests with the bank itself, there are important lessons for the regulators and two in particular. First, that the politically motivated watering—down of prudential rules and safeguards must be avoided, and also agreed international standards should be implemented faithfully and promptly. After the 2008 crisis, the Dodd Frank Act defined banks with 50 and more billion dollars in assets as systemically important and subject to the strictest scrutiny. But in 2018, the Trump administration raised this threshold five times. Conveniently, SVB stayed just under the 250 billion in 2021 and 2022, escaped regulatory scrutiny, and the lack of liquidity caused the bank’s demise. The second message: I trust that in the review of the EU’s crisis management and deposit insurance (CMDI) framework, we will ensure that mid-sized banks do not become a source of systemic risk. And we need an ambitious review of the CMDI framework promptly. With today’s rules, if we had a similar situation, the ECB would not have the same capacity or the same tools to intervene as the US authorities. Our banking union remains incomplete and that’s why I hope that the Commission will include the ECB’s recommendations on the CMDI revision, including a bigger role for deposit guarantee schemes. But we all know that what we really need is an agreement on this.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Marek Belka
Political group: S-D
Country: Poland
Language: EN

Madam President, well, high inflation requires tightening of monetary policy. Tightening of monetary policy brings about some collateral damage. We were afraid of monetary policy being overly restrictive. We in Europe were and still are afraid of market segmentation. But the thing that we never really feared so much was financial instability.  What we got from the US is a free-of-charge alarm bell. It really didn’t touch us, but it made us more aware of the risks and the lessons we can draw from it is: number one, no time to soften regulatory regime, and second, be prepared for higher financing costs for start-ups, for development.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Rasmus Andresen
Political group: Verts/ALE
Country: Germany
Language: DE

Frau Präsidentin! Wir werden aktuell Zeuginnen und Zeugen der größten US-Bankenpleite seit 2008. Die Pleite der Silicon Valley Bank hat viel Unruhe auf den europäischen Märkten ausgelöst, wie auch die aktuellen heutigen Kursverluste von Credit Suisse zeigen. Die Ratingagentur Moody's hat sogar den Ausblick für das US-Bankensystem auf negativ gestuft.  Es scheint, als hätten viele die Lehren aus der Finanzkrise von 2008 wieder vergessen. Denn diese Krise ist zum großen Teil hausgemacht. Sie ist auch eine direkte Folge der Deregulierungspolitik von Donald Trump. Im Streben nach immer höheren Profiten wurden wirksame Gesetze für kleine und mittelgroße Banken außer Kraft gesetzt. Aber wir haben keinen Grund, mit dem Finger einfach auf die USA zu zeigen. Auch bei uns stehen die Banken immer stärker unter Druck. Auch bei uns wurden zu viele Schlupflöcher in einige Gesetze verhandelt. Während der Verhandlungen zum Bankenpaket haben beispielsweise auch Konservative und Liberale hier im Haus dafür gesorgt, dass Ausnahmen für kleine und mittelgroße Banken in Beschlüsse hineinformuliert wurden.  Wir brauchen wirksame Regulierung, und wir brauchen eine stärkere Verantwortung der Banken. Sie müssen durch Risikovorsorge für Verfehlungen geradestehen. Die Banken – nicht die Steuerzahlerinnen und Steuerzahler –  stehen in der Verantwortung!
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: André Rougé
Political group: ID
Country: Spain
Language: FR

Madame la Présidente, Madame la Commissaire, chers collègues, la faillite de la SVB rappelle les crises passées et leur contexte géopolitique, social et économique. Lorsque Bruno Le Maire explique aux Français que cette crise ne traversera pas les frontières, cela rappelle Mme Buzyn expliquant que le virus n’avait pas de passeport. Le cours du Crédit suisse chute de 30 % cet après-midi. Et l’aventure hasardeuse dans l’immobilier chinois, les actifs fébriles de la Deutsche Bank, étroitement en lien avec la Société générale et Monte dei Paschi, nous rappellent que la finance est une bulle prête à éclater. L’Union européenne coupe les États de leur souveraineté, mais n’hésitera pas à leur faire payer une nouvelle crise liée à sa politique économique et financière. Tout cela dans un contexte de surendettement justifié par l’invocation de l’argent magique. Les Européens ne veulent pas payer une crise pourtant prévisible. L’Union européenne doit réagir. Inflation, faillites de nos entreprises, surréglementation, surtaxation, chômage, croissance en berne, mise en concurrence, investissements discutables, surendettement et dépendance à des puissances étrangères: cette poussée de fièvre américaine est un avertissement qu’il faut prendre au sérieux.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Tsvetelina Penkova
Political group: S-D
Country: Croatia
Language: EN

Madam President, Commissioner, it was very interesting and a good overview that you have presented to us. I just want to bring attention to two things. The first one is the fact that the banks that have collapsed have significant investments in start-up and technology companies, which of course is going to have a serious impact on the sector. So hence, I’m calling for a more stable regulatory environment when we speak about the EU market that protects start-ups and facilitates the protection of investors and capital going in that direction. That’s the first point. And the second point is based on something that you have said that we should be careful and more diligent when we are applying stricter rules when it comes to banks operating in the EU market, but they originate from abroad. Based on that, I urge you to have a look at our relationship with the UK and to strike a deal there because the financial sector is quite significantly dependent. The European financial sector is dependent on the UK one and we need a proper deal and regulation there.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Fabio Massimo Castaldo
Political group: NI
Country: France
Language: IT

Signora Presidente, gentile Commissaria, onorevoli colleghi, abbiamo seguito con grande apprensione il collasso della  Di fronte anche ai segnali inquietanti che arrivano dal  Inoltre, abbiamo anche visto che, nonostante la SVB fosse considerata una delle migliori banche degli Stati Uniti fino a qualche giorno prima del suo collasso, e nonostante il complesso quadro normativo che abbiamo adottato già da 15 anni a questa parte, le crisi possono comunque accadere.  Un cigno nero non è mai impossibile. Abbiamo quindi il dovere di garantire i depositi dei nostri risparmiatori che devono essere sempre messi al sicuro. La Commissione e il Consiglio devono riprendere velocemente i negoziati sull'EDIS. Senza la terza gamba dell'Unione bancaria, il tavolo non sarà mai stabile.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Karen Melchior
Political group: Renew
Country: Estonia
Language: EN

Madam President, I would like to thank my colleagues and the Commissioner for a lovely and enlightening debate. Our economic times are changing. Interest rates are at a record high, and that means that there is no more easy money, including for our start—ups. The SVB made some very risky choices during the pandemic and when interest rates were low. They also made a risky choice by concentrating on the tech sector. However, these management choices by the SVB have provided a collapse of the bank because they did not, in the US, have the same financial regulation that we do in the EU. But where does this lead our start—up sector? Because many start—ups in the US sought to get money from the SVB because they were specialised in this. They were willing to lend to the start—ups and they had services that the start—ups needed. How do we make sure that we provide the money for our start—ups that they need in Europe? We have the financial regulation for stability, but we also need the money for start—ups in Europe so that they stay here and that they can scale up.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Mislav Kolakušić
Political group: NI
Country: Greece
Language: HR

Poštovana predsjedavajuća, živimo u svijetu kojim vlada virtualni novac u bankama i burzama bez ikakvog pokrića u financijskom ili bilo kojem drugom smislu. Miki Maus sustav nepostojećeg novca nastoji se održati na način da se građanima što više oteža ili u potpunosti onemogući podizanje gotovine.  KBC Bruxelles otkazuje račune onima koji se drznu podignuti dio vlastitog novca s vlastitog računa. Danas gotovo ne postoji banka koja može preživjeti da jedan posto, samo jedan posto štediša zatraži isplatu svog novca. To se dogodilo i u Americi.  Ukidanje ili zabrana gotovine neće spasiti financijski sustav jer se on jednako raspada i u slučaju prekomjernog štampanje gotovog novca ili prekomjernog izmišljanja virtualnog novca.
Debate: Failure of the Silicon Valley Bank and the implications for financial stability in Europe
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Mairead McGuinness
Language: EN

Also, I thank you for your support on the crisis management and deposit insurance proposal, which will come very soon. We will have an ambitious proposal and I would really urge for your support for our ambitions in this area. This is the year in which we mark 30 years of the single market, and I’m sad to say that we have not a single market in capital. We have not completed banking union. We have not completed capital markets union. We either look at that as a problem or an opportunity. And I see it as a real opportunity. To the point about the tech sector in Europe needing finance, this is a really important issue and if we complete our capital markets union, we will provide that finance in Europe to allow start—ups to grow up. And I think the points were very, very well made. So we remain ambitious for the financial sector. We remain very conscious and cautious about the new environment that we are living in, and we will reflect very closely on what has happened in the US, mindful that we are negotiating the banking package. I have to say, in the first trialogue, under the stewardship of the Chair of the CONT Committee, Ms Tinagli, the atmosphere was very good for a positive outcome and I hope that that will continue, and we as a Commission will support you in that. And the points made about being faithful to Basel implementation, I would absolutely support all of those. We have time in this mandate to develop the single market for capital. We will not complete it in this mandate, but I think we should collectively want to make huge progress. And I urge and thank you in advance for your support for that objective.
Debate: Strengthening the EU Defence in the context of the war in Ukraine: speeding up production and deliveries to Ukraine of weapons and ammunitions
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Evelyn Regner
Country: Netherlands
Language: DE

Als nächster Punkt der Tagesordnung folgt die Aussprache über die Erklärungen des Rates und der Kommission zur Stärkung der Verteidigung der EU vor dem Hintergrund des Kriegs in der Ukraine: Beschleunigung der Produktion und Lieferung von Waffen und Munition an die Ukraine (
Debate: Strengthening the EU Defence in the context of the war in Ukraine: speeding up production and deliveries to Ukraine of weapons and ammunitions
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Jessika Roswall
Language: EN

At the moment, Ukraine continues to face Russia’s brutal war of aggression with significant casualties amongst the civilian population and regular and indiscriminate attacks on civilian and critical infrastructure. The situation on the ground remains therefore critical, and that was the message that the Ukrainian Minister of Defence Reznikov gave to his EU colleagues last week in Stockholm. It is absolutely clear that that Ukraine’s ability to protect its territorial integrity depends to a high degree of military assistance, in particular from the EU and Member States. We have already made a large contribution to expand the number of Western artillery systems, in particular 155 mm-calibre systems, because the reality is that Ukraine is still outnumbered by Russian troops. This is why EU defence ministers at the meeting in Stockholm welcomed the High Representative’s proposal for a three-track approach that will serve two key objectives: to speed up the delivery and to ensure the joint procurement of artillery ammunition for Ukraine. The first track is European Peace Facility (EPF) assistance measure to incentivise Member States to deliver ammunition to Ukraine from their stocks. The second track is another EPF assistant measure to facilitate the joint procurement of ammunition, building on a project of the European Defence Agency or via a lead nation procuring on behalf of at least three Member States. Regarding the third track, ministers are broadly in favour of measures to help the industry, address supply chain bottlenecks and ramp up production. Such measures are key for the immediate assistance to Ukraine but also for the long-term development of the European defence industry. We therefore look forward to the concrete measures that the Commission is working on to this effect. The details of the three-track approach are currently being discussed in the Council and Ministers will return to this issue at the Foreign Affairs Council on 20 March. It is the Presidency expectation that we will be able to reach a political agreement on the main aspects. Let me finish by underlining, in broader terms, that the Swedish Presidency is absolutely committed to continuing to provide EU support to Ukraine on all various domains and across the various Council formations. I am sure that we can count on Parliament’s strong support for our endeavours. Thank you very much for your attention and I look forward to the debate.
Debate: Strengthening the EU Defence in the context of the war in Ukraine: speeding up production and deliveries to Ukraine of weapons and ammunitions
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Michael Gahler
Political group: PPE
Country: Spain
Language: EN

Last year, already with a colleague, Sven Simon, we published an article in the German Handelsblatt suggesting we should think of a European Lend-Lease Act, the one that the United States had already in the Second World War to be able to swiftly supply Britain and other allies with the needed weapons. Perhaps you might embark on such a reflection again, a European Lend-Lease act, which would facilitate enormously the purchasing. We need to do what we can as long as it takes.
Debate: Strengthening the EU Defence in the context of the war in Ukraine: speeding up production and deliveries to Ukraine of weapons and ammunitions
Date: WEDNESDAY, 15 MARCH 2023
Speaker: Tonino Picula
Political group: S-D
Country: France
Language: EN

For a long time, there was no real need nor political will. Now there is a both but we have institutional obstacles that prevent us from doing it at the needed speed.  The inability of the allies to supply Ukraine with sufficient resources would be a decisive factor in this war. We should do all possible to avoid this scenario.  Our political goal should be clear: we should not only help Ukraine to resist Russian offensive actions, we need to supply Ukraine to win this war. More resources allocation and reorientation of existing defence production to meet the current needs are essential.  In the past year, we have shown that we can act together. Let us not make our efforts go in vain.