The ECB "will assume the role of banking supervisory authority for the Eurozone". This was indicated by the president of the European Central Bank, Mario Draghi, on the sidelines of the EU summit underway in Brussels. Draghi recalled that, according to theagreement reached tonight by the leaders of theEU 27, “The European Commission will present a proposal on the basis of Article 136 paragraph 6 of the creation of a single supervisory mechanism within which the ECB will assume the supervisory role for the Eurozone”.
Angela Merlel explained that “i aid plans of the funds save European states of the EU Treaty for Spain, and possibly for Italy, will be subject to surveillance by the Troika“, the commission of technicians of the European Commission, the ECB and the International Monetary Fund. The agreements reached yesterday will start with a formal request for aid from the beneficiary countries.
Then “the procedures it will be as follows", continued Merkel, "a report will be drawn up on the country by the European Commission, then a "memorandum of understanding" will be drawn up with the country and subsequently there will be supervision by the Troika, as established by the treaties on bailout funds. This would be true for Spain as for Italy, they would have to stick to these programmes”.
Satisfaction with the outcome of yesterday's European summit was expressed by Prime Minister Monti who spoke of "satisfactory measures for the stabilization of the Eurozone", sufficient to avoid a black Monday on the markets. Italy therefore obtains the long-sought stability mechanism: "Varrà", said Prime Minister Monti, "for the virtuous countries that respect the specific recommendations for their country, the Stability Pact and other criteria, like Italy in this moment respects”.
