In Europe "we must move towards a union of financial markets" because "when the financial stability of all of Europe is at stake, the answer must be European". She said it Joerg Asmussen, member of the Executive Board of the ECB, speaking at a banking conference organized in Frankfurt by the newspaper 'Handelsblatt'.
The financial union is based on "a single European supervision that has the necessary tools and expertise" to carry out its task effectively, on a European authority that deals with crises and the possible resolution of individual credit institutions and that it has at its disposal a single book of rules for systemic banks” and, finally, “the organization, at European level, of guarantees on deposits, or at least their further harmonisation”. These three elements "are essential" to form the three pillars of the future system.
For Asmussen, the ECB will be able to perform the functions of single supervisory authority in Europe "only if certain conditions are met", such as compliance with the mandate "as guarantor of price stability" which must remain "priority". Furthermore, the independence of the ECB "should not be affected in any way" and the Eurotower must have at its disposal "all the tools that will allow it to carry out its banking supervision tasks effectively".
