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

17-12-2012 — / — A single supervisory mechanism for banking will restore trust, which is a prerequisite for EU member states to mutualise risk, European Central Bank 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 its authority at national level.

MrDraghi stressed the need to distinguish within the ECB between monetary policy,which aims to achieve price stability, and supervisory responsibilities. Thesewill be shouldered by a supervisory board, providing independent analysis, usingits own internal procedures and open to non-Euro area members.

“Itis important to do it soon but more important to do it right”, said MrDraghi, suggesting that the mechanism could take effect in March 2014.



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