Michel Barnier, head of the European Commission’s (EC) financial services arm, said that the EC was confident it could win Germany over on the matter of the European Central Bank (ECB) overseeing all eurozone banks.
Bloomberg reported Friday that Barnier said it was urgent that the system be put into place in the region. He was quoted saying, “There’s no German resistance. It’s a realistic proposal. We think a decision can be taken, should be taken, before the end of the year.”
European Union policymakers had said that a single overseer of the region’s banks should be a condition of allowing those banks direct access to the European Stability Mechanism’s (ESM) permanent rescue fund, a reservoir of some 500 billion euros ($650 billion).
Wolfgang Schaeuble, Germany’s finance minister, was outspoken last week, during a meeting of EU finance ministers in Cyprus, against a eurozone rush to implement a system of bank oversight by a single authority. He has also said that the riskiest banks should come under oversight by the new system first.