Senior MEPs rebuff criticism by Basel Committee

Reaction to the opinion of the Basel Committee on CRD 4 (capital requirements directive for banks)

The spokespersons of the political Groups in Parliament's Committee on Economic and Monetary Affairs, Burkhard Balz (EPP Group Coordinator), Elisa Ferreira (S&D Coordinator), Sylvie Goulard (ALDE Coordinator), Sven Giegold (Greens Coordinator), as well as the Parliament's negotiators of CRD 4, Othmar Karas (Rapporteur, EPP Group), Udo Bullmann (S&D) and Philippe Lamberts (Greens), and Roberto Gualtieri, Chair of the ECON Committee stated that:

"A large majority of Members of the European Parliament cannot accept that the Basel Committee calls into question the tools to finance the economy (especially SMEs and corporate organisations).

Even if we are aware of the necessity of international cooperation, European law is made by the European Parliament and the Council of Ministers.

The opinion of a body that is working without legitimacy and without any transparency cannot modify the decisions taken democratically by the European institutions."