Morganti at European Parliament Debate: Separate Banks

In the debate that preceded the vote on the bail-in mechanism at the European Parliament, only one MEP stood up and called instead for Glass-Steagall. Claudio Morganti, independent from Italy, rejected the Banking Union saying:

“History should have taught us how to get out of the crisis, and instead, we have not learned anything from the past. Banks should go back to banking, i.e. depositing savings, and managing savings and investments for the citizen, supplying the real economy,” whereas

“financial institutions that want to risk and speculate on the market can do that — however without our money and our guarantees.”
In conversation with EIR, Mr. Morganti stressed that any “bank resolution” would not work without a Glass-Steagall type of banking regulation. Even leaving the euro alone would not work without cleaning up the financial system and establishing a healthy, regulated credit system.

Mr. Morganti is running for re-election to the European Parliament May 25 as leader of an independent list named “Io Cambio” (I Change), supported by the Association Movement of Italians Abroad (MAIE) which has its own faction in the national Parliament elected by constituencies outside of Italy.

This entry was posted in EU Dictatorship, Glass Steagall and tagged , , , , , . Bookmark the permalink.

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