Leaders of European Union countries will review a plan to broaden supervisory duties for the European Central Bank (ECB) to countries outside the joint currency of the euro, as complaints from non-euro countries about possible disadvantages to them are addressed.
Reuters reported Wednesday that after leaders agreed last week to implement a new supervision system for the ECB, the 10 EU countries that do not use the euro protested that the new system could put them at a disadvantage. So leaders are at work on a means to accommodate such countries as Sweden and Denmark should they want to join.
On Tuesday a draft document was circulated among EU officials that provided a means of overcoming the non-euro countries’ objections via the establishment of an internal supervisory board at the ECB. The board would be involved in lender supervision and would also provide non-eurozone members a vote in the proceedings.
One EU official was quoted saying, “This helps square the circle for non-euro countries. It is an effort to find equal treatment.”