German Bank Group Wants ECB As Sole EU Bank Regulator

Law360, New York (August 21, 2012, 3:24 PM EDT) -- A German banking industry association on Friday called for the European Central Bank to become the sole regulator for all eurozone banks, superseding national bank regulators, saying any alternative would lead to a “two-class” system of supervision.

According to two statements issued by the the Bundesverband deutscher Banken, or Association of German Banks, a legally independent regulation unit should be created under the auspices of the ECB. It should be overseen politically at the European level and take over all supervision tasks currently handled by national...
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