• Germany's news in English
 

ECB 'ready and waiting' to oversee banks

Published: 17 Jul 2012 07:44 GMT+02:00

"The institution is credible, it could do it and quickly," French central bank head Christian Noyer told Tuesday's edition of Germany's Handelsblatt business daily.

"All we need is a plan for overall supervision of the eurozone banks. It that was ready today, then you could put it into effect tomorrow," he said.

The new regulator would provide direct help for the banks, rather than to governments, so avoiding the problem of adding to their already large debt which has added to the pressures against member states on the financial markets.

The details of the system – expected to be operational by the end of this year – remain to be agreed but most EU states favour the ECB as taking on the new role, rather than set up a new body altogether.

At a June summit hailed as a breakthrough by EU leaders, the bloc agreed to set up a new centralised European banking regulator which would oversee bank restructuring and recapitalisation.

Noyer also told the Handelsblatt that all of Europe's banks, not just the most important, should be included, given the experience of the eurozone debt crisis.

"We do find ourselves in this position not because of the biggest, systemically important banks but because of the small- and medium-sized banks on their domestic market," he told the newspaper.

Later this week, eurozone ministers are expected to sign a deal to provide up to €100 billion direct to Spain's struggling banks in return for sector reforms and oversight.

AFP/jcw

The Local (news@thelocal.de)

Your comments about this article

12:07 July 17, 2012 by smart2012
Omg, what is going on? Now merkel is ok with bank supervision?? Do not tell next step will be Eurobond???? ;)

One year too late and due to a deep crisis and due to wanting the chair, merkel changes strategy...

Ps: RWE cutting 5000 jobs...
19:40 July 17, 2012 by cheeba
Yummy yummy, more euro government, mmmm. I'm all excited. We need to have a european superstate because we are all too small to make it on our own. We can all see how badly south Korea is doing all alone with its own sad currency. Those poor people.
Today's headlines
Train strikes
Train drivers confirm new strikes
Trains cancelled. Photo: DPA

Train drivers confirm new strikes

German Train Drivers' Union (GDL) boss Claus Weselsky said on Wednesday that his members would walk off the job after DB refused to accept an ultimatum he issued earlier in the week, although he did not say when or for how long they would strike. READ  

Judge rules smoking senior can't be evicted
Friedhelm Adolfs. Photo: DPA

Judge rules smoking senior can't be evicted

The Supreme Court (BGH) has decided that a landlord had no right to throw out the man being called "Germany's second-most famous smoker after Helmut Schmidt" without due notice. READ  

Fearlessly Jewish on the streets of Munich

Fearlessly Jewish on the streets of Munich

While the world watched with shock as a Jewish man encountered abuse on the streets of Paris for wearing a kippah, The Local talks to a Munich man who has been doing the same for two years - with surprising results. READ  

'Bomb' sent from Germany to Sweden

'Bomb' sent from Germany to Sweden

Swedish police are checking a suspicious package apparently sent from Germany to a local newspaper in Sweden that previously published controversial Muhammad cartoons. READ  

Ukraine crisis
Government condemns Ukraine rebel advance
Ukrainian government troops ride a tank on the way out of Debaltseve on Wednesday. Photo: DPA

Government condemns Ukraine rebel advance

The German government said on Wednesday that pro-Russian rebels' advance into the eastern Ukrainian city of Debaltseve was a serious breach of ceasefire terms agreed last week in Minsk. READ  

The Local List
Germany and the seven deadly sins

Germany and the seven deadly sins

Beer, chocolate, car keys! Lock them all away, say Germans, who more than half say they partake in Lent, the seven-week fasting period before Easter, but more for health rather than religious reasons. READ  

Schäuble rejects Greek bailout without reforms
Wolfgang Schäuble at negotiations in Brussels on Tuesday. Photo: DPA

Schäuble rejects Greek bailout without reforms

UPDATE: A spokesman for Finance Minister Wolfgang Schäuble said on Wednesday that any extension of international loans to Greece beyond the end of the month was "inextricably" linked to reforms agreed to by Athens under its current bailout. READ  

Politician wants last call on late-night beers
Day drinking it is! Photo: DPA

Politician wants last call on late-night beers

A municipal politician is saying that Berlin needs to reconsider its alcohol sales rules and is proposing a ban on booze sales between 10pm and 5am. READ  

Police find 104 rabbits in Stuttgart flat
Imagine ten times this many rabbits. Photo: Shutterstock

Police find 104 rabbits in Stuttgart flat

Police in Stuttgart were in for a hopping surprise when they searched a flat on Tuesday and found it full to bursting with furry mammals. READ  

German reporter 'spy' arrested in Mozambique
A South African National Defense Force sodlier takes part in a training exercise as part of Operation Rhino in the Kruger National Park, South Africa's flagship national wildlife park on 19 July 2011

German reporter 'spy' arrested in Mozambique

Two journalists, a German and a Swede, were held briefly by police on Monday while investigating rhino poaching in southern Mozambique. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: Police
Rhineland
Student driver crashes tank into family garden.
Photo: DPA
Politics
There was a notable absence at the Anti-Semitism Commission
Sponsored Article
Tourist or lifer: what sort of expat are you?
National
How Dresden bombing still divides Germany, 70 years on
Sponsored Article
Are you an American expat? How to face FATCA
Photo: DPA
Gallery
Take a cute break with this gallery of baby animals
International
What's keeping UK expats from voting?
Photo: DPA
National
Terror alert at a new high. Should you be worried?
Gallery
The best regional foods TTIP opponents want to protect
Photo: DPA
Features
All you ever needed to know about Pegida
Photo: Shutterstock
Culture
This cosplayer did not think his plan through
National
Europe in statistics - from Spain to Sweden
Gallery
Top 12 German idioms
Culture
10 top tips for partying in Germany
Photo: DPA
Technology
What does the Chancellor see as the future of the internet?
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,526
jobs available
Toytown Germany
Germany's English-speaking crowd