Germany’s BDB association of private commercial banks proposes shifting regulation of the industry to the European Central Bank, Handelsblatt reported, citing an unpublished position paper drafted by the group.
The proposal would end political influence over regulation, the Dusseldorf-based newspaper reported in an article e-mailed before publication. Germany’s Bafin financial-market regulator and the Bundesbank, the German central bank, would give up powers of their own and carry out oversight on the ECB’s behalf, Handelsblatt cited the BDB paper as saying.
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