BERLIN May 17 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
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."