Germany, France at odds over EU bank supervisor
Associated Press :Brussels, Dec 05 2012, 01:31 IST
left to the governing Council of the ECB, Schaeuble said of bank bailouts. In contrast, France's Finance Minister Pierre Moscovici came out strongly for an agreement `'that covers all banks, and that is under the final control of the ECB.
He advocates supervision of all 6,000 institutions that have a banking license in the EU. In the end it must be the ECB that has the responsibility on the whole. Otherwise, there is no real system of banking supervision, he said.
The banking sector has been seen as a prime cause of Europe's three-year crisis and agreement to fix it as an essential part to avoid a recurrence. Not only have banks taken on bad investments, but national supervisors have often been reluctant to impose restructuring plans on them.
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