May 17, 2013 / 11:16 AM / 4 years ago

ECB's Asmussen sees banking union complete by summer 2014

1 Min Read

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."

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