Parliament: 42 days to approve Financial Supervision reform
Centeno's plan is debated in Parliament. After that, the plan will be further addressed by a select committee, responsible for hearing different stakeholders and suggesting alternative proposals.
Today, Mário Centeno’s polemic Financial Supervision plan is debated in Parliament. Afterwards, the plan is to be further addressed by a select committee, responsible for hearing different stakeholders and suggesting alternative proposals. A final vote ought to take place until the 19th of July.
The Government is in Parliament to defend a restructuration of the whole financial supervision currently in place, but only today are the other political parties supposed to present their views on the issue. The Socialist Party has asked, however, for a vote to be held this Friday, pushing the proposal to the Finance committee in Parliament.
The time for completing this task is causing concern among the opposition. Cecília Meireles, a Christian Democrat MP, confessed to ECO that “such a complex reform” should have been given more time to be discussed. For Bloco de Esquerda (BE), one of the Government’s supporting parties on the left, the twin-peaks model would be preferable, arguing that there are still questions that need clarifying. When asked if there would be enough time for the committee diligences, Mariana Mortágua, BE MP, said it has to be done no matter what.
Remember that Centeno’s plan has received criticism from various stakeholders, most importantly from the European Central Bank.