BRUSSELS (MNI) – There remains a lot of ground to cover before a
compromise on a Eurozone single banking supervisor can be reached in
December, Swedish Finance Minister Anders Borg said on Tuesday.
“We cannot see a compromise with only the current modalities on the
table,” Borg told reporters on his way to the Ecofin meeting here,
adding that a “technical treaty change” would need to be considered.
The Swedish finance minister also suggested that the European
Central Bank may not be appropriate to house the single bank supervisor.
“The ECB could be the supervisor, but then we have to consider a
treaty change,” Borg said. “Either you must change the treaty so that it
is clear that every member is treated equitably or it will have to be
moved outside the ECB.”
Also speaking to reporters on Tuesday, Luxembourg Finance Minister
Luc Frieden said that “I think that the discussion today will be a very
difficult one.”
“We must not forget that banks are acting in the common market,”
Frieden continued. “The supervisor on the other hand – as it appears –
will only act in the Eurozone. That causes me very great concern. It
would of course be ideal if we could find a solution for the 27, but
that appears to unrealistic to me.”
Frieden also dampened expectations of a quick compromise, noting
that quality was far more important than speed in devising the ideal
regulatory environment for banks in Europe.
— Frankfurt bureau: +49 69 720 142; email: frankfurt@mni-news.com —
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