Mr Weidmann, who sits on the governing council of the European Central Bank, echoed the views of Chancellor Angela Merkel and Finance Minister Wolfgang Schäuble who have also made it clear that they do not believe the new regulator should be able to use the European Stability Mechanism to pay for bailouts which have already occurred.
Dr Merkel's views angered the Irish Government which later published a statement on behalf of both countries saying that Ireland was a unique case. Mr Weidmann opposes the ECB's recent bond-buying stimulus package. Europe's most powerful national central banker added yesterday that the introduction of a regulator for European banks "cannot solve the current crisis".
In an apparent reference to Ireland and Spain, he added that some countries' expectations they could wipe out losses "threaten to delay the reform process in the banking system". Hopes of establishing the new system for the 17 countries that use the euro have quickly faded, with Germany in particular insisting it needs thorough preparation.
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