Labour MEP calls on EC to give banking clients protection

Labour MEP Marlene Mizzi has urged the European Commission to always safeguard the rights of the consumers and small businesses in any proposal that they are to make on banking reform.

Speaking during the European Parliaments' plenary session in Strasbourg on the McCarthy report on 'Reforming of the EU banking sector', Mizzi said: "The current situation of the banking sector in Europe is not accessible.  For too longs banks have been allowed to take excessive risks with our money without any responsibility.  I therefore urge the Commission to ensure that any reforms to the Banking sector will protect the interests of the consumers and small businesses.

"Banks in Europe are the main source of saving and financing for households and small businesses and we must make sure that this source of finance is not lost due to the greediness and selfishness of the banking sector."

During the same plenary session, Marlene Mizzi, who also serves as Vice-chair on the Economic and Monetary Affairs Committee, spoke about the introduction of the Financial Transaction Tax in 11 member states in Europe.  Ms Mizzi reiterated her belief that it was not wise to introduce a Financial Transaction Tax on a regional level.  Such proposals, even though well intentioned could end up being counter productive. Ultimately, matters of tax sovereignty should remain in the hands of Member States.

"The points discussed during these two debates were very important ones in our efforts to re-start the European economy. I believe that the consumer and small businesses have to be at the heart of any reform and I will keep on working in order to ensure that this happens."