PARIS (MNI) – Moving toward a Eurozone banking union is a key
element in overcoming the debt crisis, European Central Bank Governing
Council member Christian Noyer said on Wednesday.
A banking union needs to be established “very quickly,” said Noyer,
who heads the Bank of France, in a radio interview.
“We need to have centralized banking supervision. We need to have
the capacity to collectively take action on all banks in the Eurozone,”
he said.
He urged policy-makers to “proceed with determination and through
to the end” in implementing all the reforms decided by EU leaders,
including national budget rules that will ensure that deficits will
continue to decline.
Regarding the Libor rate-fixing scandal, Noyer said, “I was
evidentially shocked at what has happened.” He said he knew of no
evidence that French banks had either participated in or were unwitting
victims of the rate-fixing. Noyer said such behavior, if proven in
court, should be criminally punished.
–Paris newsroom, +331 4271 5540; jduffy@marketnews.com
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