Essential to agree on resolution mechanism this year-Coeure
FRANKFURT Feb 7 (Reuters) - European Central Bank Executive Board member Benoit Coeure pushed for a swift further development of the euro zone's Banking union and said it is essential to agree on the second pillar, the resolution mechanism, this year.
The euro zone took the first step towards a banking union in December when ministers agreed to create a Single Supervision Mechanism (SSM) for euro zone banks, under which national supervisors cede some powers to the ECB.
In a guest column published in German financial daily Handelsblatt on Thursday, Coeure said the second step, a resolution mechanism, was key to protect tax payers from having to stand in for banks' risky behaviour in future: "It is essential to come to an agreement on this second element of the banking union this year."
(Reporting By Eva Kuehnen)
- Ukraine seeks to join NATO; defiant Putin compares Kiev to Nazis |
- California passes 'yes-means-yes' campus sexual assault bill
- In town halls, U.S. lawmakers hear voter anger over illegal migrants |
- IBM launches Watson system for research, hopes for breakthroughs
- Family of instructor killed at Arizona gun range does not blame girl