BRUSSELS, Nov 7 (Reuters) – A group of AAA-rated euro zone
states, led by Germany, wants limits on the ECB’s remit in a
proposed banking union, possibly undermining a scheme to restore
the currency zone’s stability.
According to a document circulated by Germany, Finland, the
Netherlands and Luxembourg, and seen by Reuters, the four core
euro zone countries advocate stronger powers for local
regulators when it comes to day-to-day oversight of banks in the
banking union scheme.
LONDON/BRUSSELS, Nov 7 (Reuters) – A group representing some
of the world’s most powerful banks has approached the European
Central Bank to seek backing for a new way to calculate the cost
of funding after the Libor rigging scandal, people familiar with
the matter said.
The approach comes as a collapse in interbank lending and
the threat of a regulatory clampdown have put in doubt the
future of such benchmarks, driving a search for different ways
to anchor the price of funding.
BRUSSELS (Reuters) – European Union countries will examine a plan this week to allow the ECB to supervise banks in states outside the euro zone alongside those within the currency area, according to an EU document that lays down limits on the central bank’s role.
Last week, EU leaders agreed to build a new system of supervision led by the European Central Bank, as a step towards a banking union where chiefly euro zone countries would jointly back problem lenders, in a move to underpin the currency.
BRUSSELS (Reuters) – EU leaders have agreed to allow the European Central Bank to supervise banks from next year, but questions remain about how the process will work, which lenders will be involved and whether those in trouble can be helped.
The European Commission has proposed making the ECB responsible for supervision as a step towards a banking union in which euro zone countries and any others that want to join would together resolve problem banks and protect savers’ deposits.
BRUSSELS (Reuters) – The European Central Bank can oversee lenders in a banking union, the EU’s top regulatory official said on Thursday, contradicting a report that said a proposed new ECB supervisory structure would be illegal.
The Financial Times reported on Wednesday that one of the European Union’s top legal advisers had written an opinion saying the new structure would be “illegal” and that changes would more than likely have to be made to the EU’s treaty.
BRUSSELS (Reuters) – European Union countries are considering creating a body inside the European Central Bank to find a legally watertight way to involve states outside the euro zone in a banking union, officials said on Wednesday.
European leaders meet on Thursday for a two-day summit where they will try to bridge divisions over a banking union that is intended to underpin the euro zone.
BRUSSELS (Reuters) – Britain is pushing for changes to a proposed euro zone banking union to dilute the power of the European Central Bank, EU officials said, potentially hampering efforts to build the infrastructure urgently needed to underpin the euro.
Last month, the European Commission proposed making the ECB responsible for supervising lenders as a step towards a banking union where chiefly euro zone countries would jointly tackle problem banks and shield savers’ deposits.
BRUSSELS, Oct 12 (Reuters) – Euro zone countries should
consider clubbing together to borrow as well as paying into a
central budget that could be used to help struggling countries,
according to a report prepared by senior European officials
ahead of a meeting of leaders.
The interim report, prepared by Herman Van Rompuy, who as
president of the European Council will chair a summit meeting
next week, charts a path towards closer fiscal integration among
the 17 countries using the euro as they struggle to contain an
BRUSSELS, Oct 10 (Reuters) – A plan by a group of euro zone
countries to introduce a tax on financial transactions threatens
to drive more trading to London from centres such as Frankfurt,
exacerbating divisions in Europe as it struggles to overcome an
On Tuesday, 11 countries agreed to press ahead with a tax
set to fall on the trading of shares, bonds and derivatives,
although it may take up to two years before the necessary
legislation is in place and the scheme starts.
LUXEMBOURG/ FRANKFURT (Reuters) – European Union ministers examined a proposal on Tuesday to limit planned new powers for the European Central Bank to supervise lenders, in a bid to allay the concerns of countries outside the euro zone over a new banking union.
The diplomatic drive came as the President of the ECB and Germany’s markets regulator cautioned that setting up a new system of supervision would take up to the end of next year, later than many expected and a potential setback to efforts to help distressed euro zone countries and their banks.