Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

17 December 2012

Single supervisory mechanism is first step to mutualising risk, says Draghi


Default: Change to:


A single supervisory mechanism for banking will restore trust, which is a prerequisite for EU Member States to mutualise risk, ECB President Mario Draghi told Economic and Monetary Affairs Committee MEPs on Monday.


MEPs generally welcomed the Council agreement on banking supervision, but voiced some concerns over possible loopholes and the ECB's ability to assert itsauthority at national level.

Mr Draghi stressed the need to distinguish within the ECB between monetary policy, which aims to achieve price stability, and supervisory responsibilities. These will be shouldered by a supervisory board, providing independent analysis, using its own internal procedures and open to non-euro area members.

"It is important to do it soon but more important to do it right", said Mr Draghi, suggesting that the mechanism could take effect in March 2014.

Press release



© European Parliament


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment