Commissioner Barnier reiterated that it is essential for ESAs to possess the option to make biding decisions when national supervisors fail to agree. Speaking at the joint ECB and Commission conference he also urged the Council and the EP to reach an agreement on the supervisory package.
The European internal market commissioner, Michel Barnier, has reiterated the commission's support for the future European supervisory authorities to have the power to impose binding mediation where two or more national supervisors fail to agree. Member states oppose the ESAs having such powers, except in the area of interpreting the correct application of EU law.
The supervision of financial institutions is the keystone of the Commission regulatory effort and therefore is essential that the Council and Parliament reach an agreement quickly to start with the creation of the ESASs.
As regards crisis resolution tools he mentioned that the debate will take place on the informal ECOFIN council which will take place on the 16, 17 and 18 April.
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