‘The EU’s one-size-fits-all system hurting small banks’ – Sant

Alfred SANT in the EP in Strasbourg

Tista' taqra bil- Malti.

Small and medium sized banks should not have to be burdened with the pressure of blanket European banking regulations, Maltese MEP Alfred Sant has said.

Speaking during today’s plenary debate in Strasbourg, the Labour Party MEP explained that banks in smaller EU states were facing the, ‘full weight of centrally established regulation on a one size fits all basis, under banking union procedures and were being rendered less and less profitable.’

Sant stressed these banks could be classed as ‘systemic banks’ catering to smaller national markets and Small and Medium sized business needs. In this case, decision making on their needs had tended to be ‘put aside’ by the European Central Bank.

Along with raising concerns about the pressures on smaller banks, Sant also expressed his disapproval at the appointment of the new President of the European Central Bank, Christine Lagarde.

Lagarde was elected to the post through a secret vote; 394 in favour to 206 against and 49 abstentions.