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| ECB’s Asmussen rejects German finance minister’s view on bank union |
| ECB, 18.05.2013 |
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| A top European Central Bank policymaker hit back at the German finance minister’s call for a “two-step approach” towards European banking union, calling for resolution and supervisory authorities to be ready at the same time.
Joerg Asmussen, an ECB Executive Board member, rejected the proposal made by his former boss, Wolfgang Schaeuble, who argued that today’s EU treaties provide a basis for the new single banking supervisor but not for a central resolution authority to restructure or wind up failed banks.
Germany’s finance minister Schaeuble, in an opinion piece for the Financial Times, said a limited “timber-framed” union, set up without changing European treaties, would buy time to create a future “steel-framed” union.
Asmussen said the goal of banking union must be to make the European banking system more resistant to crises.
“We see that as being best ensured with a joint resolution regime, a joint resolution fund, that is financed by contributions from banks, and a joint resolution authority,” he told German daily Die Welt.
“All the instruments should be ready for deployment with the European banking supervision.”
European Union leaders committed to a banking union last June but deep cracks have since emerged, with Germany in particular raising doubts about its overall feasibility.
The first step – to create a single bank supervisor under the ECB – looks set to be in place by mid-2014, But a second pillar – a “resolution” agency and fund to close failed banks – is in doubt, and there is little prospect that a third leg, a single deposit guarantee scheme, will ever see the light of day.
(Writing by Paul Carrel; Editing by Catherine Evans)
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