Warning from the President of the ECB on the urgency of activating banking supervision. “It is of the utmost importance – said Mario Draghi today during a session of the European Parliament – that the legislation on the
banking supervision to come into force in 2014”.
“It is also important – continued Draghi – to proceed with the orderly bankruptcy mechanism of the banks”. This is the "single resolution mechanism", i.e. the power to restructure and preemptively deal with bank failures.
The President of the European Central Bank also assured that, in the second part of the year, there will be a recovery in Europe but "it will still be subject to the risk of spiraling into a negative spiral".
