EU eyes single bank watchdog
Source: Agencies |
October 20, 2012, Saturday
|
Print Edition
Print Edition
EUROPEAN leaders took a step toward creating a single supervisor for banks in countries that use the euro yesterday but refused to pin down a start date.
Although the leaders' meeting in Brussels said their decisions on the watchdog - the single supervisory mechanism - were key to shoring up lenders and eventually giving them access to loans from Europe's bailout fund, observers wondered what had been achieved.
Instead of finding new measures to fight the crisis, the leaders focused on a timeline for those they had already agreed to.
"It is good for Europe that we'll have a single supervisory mechanism up and running in the course of 2013," Herman Van Rompuy, president of the European Council, which includes the leaders of all 27 EU countries, said yesterday.
That appeared to be half a step further than the statement the EU heads of state and government adopted after all-night talks, which only committed to trying to get a plan for the banking supervisor in place by January 1 and working in 2013 on getting it operational.
Although the leaders' meeting in Brussels said their decisions on the watchdog - the single supervisory mechanism - were key to shoring up lenders and eventually giving them access to loans from Europe's bailout fund, observers wondered what had been achieved.
Instead of finding new measures to fight the crisis, the leaders focused on a timeline for those they had already agreed to.
"It is good for Europe that we'll have a single supervisory mechanism up and running in the course of 2013," Herman Van Rompuy, president of the European Council, which includes the leaders of all 27 EU countries, said yesterday.
That appeared to be half a step further than the statement the EU heads of state and government adopted after all-night talks, which only committed to trying to get a plan for the banking supervisor in place by January 1 and working in 2013 on getting it operational.
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