Arab Today, arab today france pushes for bank plan
Last Updated : GMT 02:33:04
Arab Today, arab today
Arab Today, arab today

France pushes for bank plan

Arab Today, arab today

Arab Today, arab today France pushes for bank plan

London - Arabstoday

France wants all euro area banks subject to a common supervisory regime by the end of this year, Finance Minister Pierre Moscovici told journalists in Cyprus. France backs the European Commission proposals on banking supervision and differences with Germany and other countries are not “insurmountable,” Moscovici said. European countries outside the euro area should have the right, though not the obligation, to join the supervisory regime, in the French view. “This doesn’t mean we need the integrated supervisor to do all the daily work,” Moscovici said. “But the rules, the methods” should be the same across Europe. “This unity is key to the effectiveness of the system.” “Banking union cannot be accomplished with the wave of a magic wand but must be done in steps,” he added. “Some may want to go more slowly but I feel we must be ambitious.” France and Germany will work together to bridge their differences on the matter, Moscovici said. On Saturday, the French and Belgian finance ministers pressed for rapid progress towards common European bank oversight during talks in Cyprus, while Germany cautioned against rushing to enact the plan. EU leaders called for a single supervisor in June as a condition for allowing euro-area banks direct access to the region’s firewall funds. Belgian Finance Minister Steven Vanackere said the European Central Bank needs to take up this new role quickly to support the 17-nation bloc’s biggest and most troubled banks. The European Commission is pressing to finish debate on bank supervision this year so the ECB can assume the role in January. German Finance Minister Wolfgang Schaeuble said the EU risks a backlash from financial markets if it takes longer than expected to enact the plan. German savings European Commission president Jose Manuel Barroso distanced himself on Sunday from the idea that German savings deposits could be used to fund European bank rescues, potentially diminishing a major objection in Germany to a banking union. Barroso told the Frankfurter Allgemeine Sonntagszeitung newspaper that German fears over centralising banking supervision in Europe are exaggerated. Separately, Barroso also assured Germans that the European Commission will be closely monitoring the European Central Bank (ECB) and its bond-buying programme — and that the Commission will act against the ECB if it oversteps its mandate. The ECB announced a potentially unlimited bond-buying programme on September 6 to lower the borrowing costs of embattled eurozone countries. “We believe the ECB is acting within the framework of its mandate,” he said. “If the integrity of monetary policy is disturbed, the ECB has to restore it. If it were to overstep its mandate, we in the Commission would be the first to take action against it in the European Court of Justice.” German reticence over how quickly to centralise banking supervision stoked tensions with France on Saturday at a meeting of European Union finance ministers in Nicosia. France wants prompt implementation of a plan to tackle the financial crisis and underpin the single currency. Addressing German concerns about supervision of all 6,000 banks in the eurozone, Barroso said the European Commission did not want to use German savings accounts deposits to guarantee savings deposits in Spain. — Agencies “These fears are totally exaggerated and have nothing to do with our proposals,” Barroso told the Frankfurter Allgemeine Sonntagszeitung. “Our top priority is to create a unified supervisory mechanism for banks. Only on this basis will we be able to create confidence. “Building upon that, we have to devote ourselves to a better joint management for banking crises, especially for an orderly liquidation of banks,” he added. “I do not want to take the savings deposits of Germans and use those to secure the savings deposits in Spain. That is unthinkable. We want to raise the stability of the entire banking sector in the eurozone. I’m quite certain that is in the interest of Germans and Germans with savings accounts.” The reform, which needs to be approved by the European Union’s 27 member states, aims to break the link between struggling banks and indebted governments, an interdependence that has exacerbated the region’s debt crisis. By empowering the ECB to police all banks in the eurozone, the proposal from the European Commission hopes to break this vicious circle, laying the ground for deeper fiscal cooperation across Europe to underpin the euro currency. Germany is keen to retain primary oversight for its regional savings and cooperative banks. It has questioned whether the ECB should get the authority to supervise all 6,000 banks in the eurozone, arguing that it would overstretch the bank. Finance Minister Wolfgang Schaeuble has cautioned against expectations that a deal could be reached by the end of the year, a target set up eurozone leaders. Officials in Berlin say it would be better to proceed more slowly with the reforms to ensure a water-tight system is put in place. Investors are following developments closely, as handing powers of supervision to the ECB unlocks the possibility of direct aid to banks in Spain, for example, from the eurozone’s permanent rescue scheme, the European Stability Mechanism. In contrast to Germany, France, where economic growth has ground to a halt since late last year and where banks have investments in struggling countries such as Greece, called for quick action. Establishing a common framework for dealing with problem banks would mark a departure from the previously haphazard approach taken by the eurozone’s 17 members that has frustrated investors and helped drive up borrowing costs for weaker states. From : Khalij

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