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Financial News: ECB's Praet Says Urgent To Agree On Timetable

ECB's Praet Says Urgent To Agree On Timetable For Completing Banking Union

04/04/2017 - 09:56:00 (RTTNews)

(RTTNews) - Eurozone banking landscape continues to resemble a collection of banking systems highly exposed to their domestic economies with limited cross-border private risk-sharing, European Central Bank Executive Board member Peter Praet said Tuesday.

National considerations continue to affect supervisory decisions in the present incomplete framework, the policymaker said in a contribution for the magazine of the Eurofi conference in Malta.

The fact that the euro area is not considered as a single jurisdiction may result in applying higher capital buffers to euro area's globally systemically important banks, he warned.

"The current situation, where supervision is common, but the consequences of potential bank failures are still predominantly national, should not last," Praet said.

He noted that both supervisory responsibility and the fiscal backstop need to be at the European level under the banking union, to underpin durably confidence in the area-wide financial system.

"The Banking Union is both an objective and a process of fundamental structural changes in the euro area's financial architecture," Praet said.

"It is now urgent to agree on an ambitious timetable for its implementation," he added.

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