Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egypt adds automotive feeder, non-local industries to list of 28 promising sectors    Egypt, Jordan to activate MOUs in health, industrial zones, SMEs    27 Western countries issue joint call for unimpeded aid access to Gaza    Egypt's Sports Minister unveils national youth and sports strategy for 2025-2032    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Trump orders homeless out of DC, deploys federal agents and prepares National Guard    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ECB To Act As EU Unified Banking Supervisor In 2013: Asmussen
Published in Amwal Al Ghad on 07 - 07 - 2012

The European Central Bank will be able to fully act as Europe's unified banking supervisor only from next year, a top ECB policymaker told an Italian daily on Saturday, adding it was important to keep the new role distinct from monetary policy.
ECB Executive Board member Joerg Asmussen also told La Stampa daily that Italy had made great progress in terms of improving its public finances, but had now to address the problem posed by its near-zero potential growth.
"There are several practical issues to solve to get to a (unified) European banking supervision," Asmussen was quoted as saying. "I believe that European supervision will be fully operational only during 2013."
EU leaders agreed at the end of June to set up a single banking supervisor in Europe as a pre-condition to letting the euro zone's rescue funds directly inject cash into lenders, without lending to a government first.
Asmussen said Spain, which has requested aid for its troubled banks, would likely experience a temporary increase in its public debt.
"As soon as the new mechanism is in place, the credit would be transferred. The increase in (public) debt would be temporary."
Asmussen said the ECB believed it was important to ensure that its new role as banking supervisor was clearly separated from its monetary policy mandate.
"We must make sure this is guaranteed through distinct decisional and organizational processes," he said.
Asked if Italy could continue to face the euro zone debt crisis without tapping international aid, Asmussen said: "I think Italy can manage by itself if it advances without delays on the reform path and if tackles its growth problem in a serious way."
He said some international institutions have indicated Italy's growth potential is currently close to zero.
"Italy must grow," he said. "Acting solely on the side of public finances is not enough."
Asmussen said he was worried by a growing rift between northern and southern Europe, when asked about German media describing the outcome of the latest EU summit as a defeat for Chancellor Angela Merkel.
"We must ask ourselves only if Europe won. But this way of looking at things is disappearing," according to Reuters.


Clic here to read the story from its source.