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ECB establishes standing swap arrangements with other central banks
Six central banks from the G7 nations have said emergency currency swap lines established during the global financial crisis will be made permanent, providing backstops to safeguard against future turbulence.
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ECB/Asmussen: Cooperation and diversity - Principles for a stable euro area
Asmussen laid out what he saw as a realistic medium-term vision for the euro area, combining the twin needs of cooperation and diversity. "But for the euro area to prosper, we also need a third concept: responsibility", he concluded.
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Bundesbank/Lautenschläger: The need for reform
Lautenschläger argued that further reform was needed, especially in the areas of public finances and the institutional framework for monetary union.
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European Council conclusions: EMU / Banking Union
The European Council held an in-depth discussion on completing the EMU. It focused in particular on enhanced economic policy coordination, strengthening the social dimension of the EMU and completing the Banking Union.
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EP President Schulz: Speech to the European Council 24 October
Schulz said that as it was going to take some years before a resolution fund had been built up and become operational, the ESM could serve as a temporary solution. "If no good agreement is reached by the end of this electoral period, we risk losing everything we have gained so far."
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Remarks by Presidents Van Rompuy and Barroso following the first session of the European Council
"The next crucial step for the Banking Union will be the Single Resolution Mechanism", said Van Rompuy. "Because once supervision is European, we cannot leave failures to the national level."
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EBF: Europe's banks committed to Banking Union and Single Resolution Regime
Europe's banks reiterated their strong support for the Banking Union and the SSM. EBF board members stressed their commitment to assist in implementing the Banking Union framework, to help overcome the current market fragmentation.
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Reuters: EU's Barnier ready to compromise on bank resolution
The Commission is ready to compromise on how many banks will fall directly under the scope of the eurozone's banking resolution authority, potentially limiting it to the largest institutions, Barnier said.
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Fitch: Euro bank tests robust enough, but thin on details
The framework's outline is thin on details for identifying banks likely to have capital shortfalls under the AQR and under the EU-wide stress test to be conducted with the EBA. Further details on the process would improve transparency and reduce short-term uncertainties.
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ECB/Asmussen: Interview with Il Sole 24 Ore
Asmussen said that the ESM could be the fiscal backstop to the European resolution agency. It would mean a revision of the ESM Treaty, but that would be a 'lower hurdle' than changing the European Treaty.
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Handelsblatt: Eurozone finance ministers consider ESM overhaul
The plan would involve setting up a subsidiary fund to help banks located in non-eurozone countries that opt to participate in the Banking Union. However, such an arrangement would require a change to the ESM Treaty.
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Nicolas Véron: An encouraging start for the ECB's Big Bank Review
Véron finds the ECB's announcements encouraging, even if the most difficult choices still lie ahead - primarily on how to restructure the banks which would be identified as severely undercapitalised or insolvent in next year's assessment.
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Simon Nixon: Draghi risks having worst of all worlds in Banking Union
The odds are stacked against Mario Draghi in his effort to conduct a broad assessment of the eurozone's biggest banks, comments Nixon in the WSJ.
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