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EU Bank Plan Hits Roadblock

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EU Bank Plan Hits Roadblock

por artista1939 » 16/9/2012 15:49

EU Bank Plan Hits Roadblock

By FRANCES ROBINSON And LAURENCE NORMAN

NICOSIA, Cyprus—Europe's plan for a new single bank supervisor hit its first major roadblock Saturday, with a number of countries saying that a proposed Jan. 1, 2013, launch date left too little time to resolve key issues thrown up by the plan.

On the second day of a meeting of European Union finance ministers in Cyprus, at least four ministers voiced opposition to the supervisor's start date—including the German, Swedish, Dutch and Danish ministers—according to two people familiar with the discussion.

The proposal to put the European Central Bank in charge of policing the more than 6,000 banks in the euro zone is the beginning of an effort to replace the euro zone's patchwork of national banking systems and regulators with the uniform rules of a "banking union," which officials say is necessary to repair Europe's crisis-hit common currency.

But only days after the proposal was published, disagreements over the pace at which this should happen and over the scope of the ECB's role threatened the plan.

Regional leaders agreed in June that the region's bailout fund can start directly recapitalizing banks only once a single supervisor is established. Delaying the supervisor's launch would mean putting off the time when euro-zone banks can receive assistance without that aid increasing the national government's debt load.

There were also widespread concerns Saturday about other aspects of the plan, including whether the supervisor should in fact oversee all euro-zone banks and how to ensure the plans won't marginalize authorities in non-euro zone countries from key regulatory decisions.

Coming out of the meeting, Sweden's finance minister Anders Borg said he believed there were a "large number of countries" that had concerns about the EU plans.

"There are a whole host of conditions that must be met before we can reach a compromise" on the proposals, he said. "This is going to be a very tough autumn with a lot of hard negotiations."

Earlier, Dutch Finance Minister Jan Kees de Jager had said that agreeing on the new supervisor "will probably take a lot of time."

"January will probably prove to be too ambitious to have the total mechanism in place, I do not see how this could be done effectively," he told reporters.

German Finance Minister Wolfgang Schäuble said he had "considerable" objections to seeing the ECB's governing council, whose main role is to set interest rates, also act as the final authority on banking supervision in Europe.

He said there should be stricter separation of decision making within the ECB on monetary and supervisory issues. Under the current proposals, the ECB's governing council is ultimately responsible for supervisory matters despite plans for the creation of a supervisory board.

"The ECB must be strongly involved" in bank supervision, said the German minister. But "it cannot involve monetary policy nor can it affect the independence of the ECB," he told a news conference.

On Friday, Mr. Schäuble said he didn't expect the region's permanent bailout fund will be ready to make direct recapitalizations by January.

The comments prompted a rebuke by French Finance Minister Pierre Moscovici, who said that not proceeding fast would be a "mistake in the current European situation."

"The crisis is here and is affecting everyone, including Germany, which is now suffering from an economic slowdown," Mr. Moscovici said. "There's no reason to slow down."

The matter is particularly acute for Spain, which was offered aid of up to €100 billion ($131 billion) for its ailing banks that would ultimately boost its sovereign debt load if it is channeled through the government.

Spanish Finance Minister Luis de Guindos said Saturday it was important to keep the Jan. 1 deadline for the bank supervisor. "We have to be ambitious and try to maintain it," he said.

European internal markets commissioner Michel Barnier, who presented the EU's bank supervision proposal earlier this week, said at the end of the talks Saturday that the timetable for passing the measures was "demanding" but not unrealistic.

However, it was the concerns of non-euro zone countries about the proposals that dominated)—in particular how they could ensure that new financial rules would not be pushed through the European Banking Authority by the future single supervisor, which would hold a majority of 17 of the EU's 27 member states.

That includes worries that the euro-zone supervisor would be able to take unilateral decisions on banks headquartered in the euro zone but which have large branches in non-euro zone countries.

"There cannot be a European supervision where half of Europe doesn't have a vote in it. That is not acceptable. It cannot stand. It will not be tolerated," Mr. Borg said.

Both Mr. Barnier and ECB Vice President Vitor Constancio—who addressed reporters together on Saturday—were eager to stress that legal work was left to be done to amend rules that prohibit non-euro area member states from voting on ECB decisions. Currently, non-euro zone members have no voting rights even if they decide to join the supervisory regime.

Germany had also raised concerns about the EU's proposal that the ECB have responsibility for all 6,000 euro zone banks, a position echoed by Belgian Finance Minister Steven Vanackere on Saturday.

"It's impossible for one single body to control 6,000 financial institutions," Mr. Vanackere told reporters. "Where central banks could take responsibility for their banks, for example for smaller institutions, ones which are not systemic, that could take place in line with the guidelines which are determined at the level of the ECB."


Fonte: http://online.wsj.com/article/SB1000087 ... TopStories

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