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Swedish central bank governor supports EU common banking supervision policy

Tuesday, 05 June 2012
There is increasing talk of a common fiscal policy in the European Union to rescue the euro and confidence in the major European banks.

The governor of the Swedish Central Bank (Riksbank), Stefan Ingves is positive in what some authorities are questioning whether this is another move by European bureaucrats to bog down the European financial spare more with further bureaucratic policies. Or a way to make Europe untangle itself from too much regulations and begin productivity and consumption thereby stimulating growth. 

The International Monetary Fund is said to have called for a European Banking Union and according to the Wall Street Journal, the German Chancellor Angela Merkel wants to introduce a kind of European agency that directly oversees Europe's big banks.

Swedish Riksbank’s Governor, Stefan Ingves welcome the idea of a common monitoring:
“Yes, that's about the direction this is obvious. The more cross-border banking business we have, the more need have you of it, and an example of an organization that exists today is of course the ESRB used to examine those kinds of questions,” he said to radio Sweden.

Asked if it is important for Sweden to be part of such a more common monitoring?
“Yes,” he said. “It is important for Sweden, since Sweden has a large banking sector that has a lot of cross-border activity and Sweden is part of Europe. Whatever happens in Europe affects us in one way or another, so of course it is important to us.”

Relating to the nature of a banking union in the EU, the governor said that “It's hard to tell what one mean by banking union.” What he stress was that “we need a stronger European supervision of banks, I think it is pretty clear by now, and it has also worked with others such as with the European Banking Authority, (EBA), but then what it means additionally in case of the banking union, if we're talking deposit insurance or anything else it is too early to say.”

According to reports, Angela Merkel and Jose Manuel Barroso think that Bank Union should include a strengthened banking supervision and enhanced capacity for deposit insurance.
Angela Merkel and Jose Manuel Barroso also agreed that the crisis strategy must continue to build on fiscal consolidation, structural reforms and targeted investments to stimulate growth.
By Scancomark.se Team


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