ECB's Asmussen sees banking union complete by summer 2014

BERLIN Fri May 17, 2013 7:15am EDT

BERLIN May 17 (Reuters) - European Central Bank Executive Board member Joerg Asmussen said on Friday that he believed a single European banking supervisor could be in place by next summer.

He said that it would not, however, be possible to set up a banking union without resolution.

"A supervisor which cannot credibly close a bank because it doesn't know what will happen then is a like a tiger without teeth," he said at an event for foreign journalists in Berlin.

"We need all elements of a banking union - we need them on the level of a common instrument and I also think that we can do that by next summer if we work hard."