|FM Rostowski said Poland can't join a body in which it "would have no vote while being subject to its decisions"|
Courtesy of the European Parliament
After Polish Finance Minister Jacek Rostowski announced in mid-September that Poland would not be joining the proposed euro zone banking union in its current form, reports have emerged that the EU’s decision-makers are working on a compromise to accommodate non-euro members who might want to be a part of the process.
“At the current stage of development, the proposal presented by the European Commission is completely beyond our interest. We just can’t join a body in which we would have no vote while being subject to its decisions,” said Mr Rostowski at an informal meeting of European finance ministers in Cyprus.
The creation of a banking union has been suggested as a means to address the roots of the financial crisis and prevent it from recurring.
A detailed proposal for the creation of such a union was put forward by European Commission President José Manuel Barroso earlier in September.
The EC wants to give the European Central Bank supervisory power over all banks in the euro zone, “with a mechanism for non-euro countries to join on a voluntary basis,” it said in a statement.
However, EU Budget Commissioner Janusz Lewan-dowski admitted later that countries outside the euro zone would only be allowed to “cooperate closely” with the banking union but would not count as full-fledged members. They would therefore not have the right to vote.
Last week the Polish Press Agency (PAP) reported that the EC and the ECB were “checking whether non-euro members could have a bigger say and more rights,” regarding the body that would be in charge of bank-supervision, “rights that would be close to voting power.”
But EU sources also told PAP that it is “out of the question” that non-euro members would have full-fledged voting rights on the proposed ECB bank-supervisory council.
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