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In a letter to the Dutch parliament, Dijsselbloem, who heads meetings of euro area finance ministers, said the Commission’s “prominent role” in the plan put forward in July by Michel Barnier, the EU’s financial services chief, contains the potential for conflicts of interest with its other functions, such as regulating state aid and the single market.
“There is no plan B”, Barnier said earlier this month. “It’s urgent that we deliver this second pillar of the banking union, which the euro area needs for its stability.”
Dijsselbloem, on behalf of the Dutch cabinet, said conflicts of interest could be resolved by limiting the role of the European Commission and the ECB, which is scheduled to assume oversight of euro area banks next year, and making the Single Resolution Board an “independent body".