–Adds Comments From Chancellor Merkel To Story Sent At 05:07 EDT
BERLIN (MNI) – European Banking Authority (EBA) chairman Andrea
Enria on Thursday stressed the importance of properly enforcing new
banking rules in the European Union.
“It is key to me that we don’t loose sight of the implementation of
the rules,” Enria said at a banking conference here.
The problem in the past “was not only that the rules were not
properly right, but it was also [the lack of proper] implementation and
enforcement,” the EBA chairman argued.
Enria cautioned that national enforcement in the EU of the joint
European banking rules will lead to “different supervisory outcomes.”
“We need to bring together all the supervisors to have a more
consistent implementation of these rules,” the EBA chairman demanded.
“We have not come out of the crisis with a good view what effective
supervision should be.”
German Chancellor Angela Merkel, speaking at the same event, warned
the financial industry not to try to bypass the new regulation. This
would prompt governments to tighten regulation even further, something
which “in the end would not be good for global economic growth,” she
said.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
[TOPICS: M$X$$$,MGX$$$,M$$CR$,M$G$$$]
