The European Union plans to propose joint bank supervision and deposit insurance this year, European Commission President Jose Manuel Barroso said today.
“We intend to present further proposals in the coming months on a common European supervisor and a common deposit insurance and resolution scheme, including common funds paid for primarily by those banks that are overseen by the common European supervisor,” Barroso, who heads the EU’s regulatory arm, said in a speech today.
Barroso said the proposals would aim to include all 27 nations while recognizing that some countries may need to opt out of some aspects of the plan.
To contact the reporter on this story: Rebecca Christie in Brussels at firstname.lastname@example.org
To contact the editor responsible for this story: James Hertling at email@example.com