Germany: EU Supervisor Must Focus on Biggest Banks
BERLIN -- Germany says Europe's planned single banking supervisor should not oversee all of the bloc's banks but must focus on the biggest, most systemically relevant institutions.
A German government official insisted Thursday that the new supervisory body, which will be anchored with the European Central Bank, cannot "practically supervise 6,000 banks with the same intensity."
Many EU governments want the supervisor to oversee all banks, not only the few dozen most-important institutions, to avoid a two-class system that could disadvantage smaller banks controlled by national regulators.
The EU hopes to introduce the legal framework for the so-called banking union by January but many issues remain unresolved.The official, speaking on condition of anonymity in line with government policy, says negotiations in coming weeks "will be very intense."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV