FRANKFURT Feb 7 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)