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Banking Supervision: Nowotny Warns of Over-Ambition
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Published: September 18, 2012; 19:49 ♦ (Vindobona)
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According to the governor of OeNB (Austrian Central Bank), it would be dangerous to establish new institutions without a democratic legitimization.
Banking Supervision: Nowotny Warns of Over-Ambition / Picture: © Vindobona.org
Nowotny fears that the plans of the EU-Commission are too ambitious. The plan may bring disappointment soon. According to the Commission, the banking union should contain a centralized supervision authority. Moreover, the deposit protection and the restructuring rules should be unified. As a first step, the competence of ECB will be enlarged. ECB becomes a centralized financial market…
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