Market Commentary and Intraday News
Report: Barnier: euro banks need central oversight
292 days ago
(AP:BERLIN) A German newspaper is reporting that a senior European Union official says all eurozone banks need to be centrally supervised and Brussels wants the European Central Bank to do the job.
The European Commission will make proposals for EU-wide banking supervision next month after EU leaders identified it as part of efforts to restore confidence.
EU internal market commissioner Michel Barnier was quoted as telling German daily Sueddeutsche Zeitung's Friday edition that the plan is for more than 6,000 banks in eurozone countries to be supervised by the ECB "in close cooperation with national supervisors."
Governing party lawmakers in Germany argue some smaller banks don't need ECB supervision. But Barnier said: "We are convinced that all banks must be centrally supervised. Otherwise serious problems can arise."
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