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Vestager Says No Assurances Yet on ECB Bank Oversight Voting

Oct. 9 (Bloomberg) -- Danish Economy Minister Margrethe Vestager said European Union officials haven’t yet resolved how to include non-euro nations in financial supervision decision-making at the European Central Bank.

Vestager said the European Commission and Cyprus, which holds the EU’s rotating presidency, had an “open attitude” toward Denmark’s concerns so that the bank supervisor plan can move forward. Representatives from the central bank, where the new supervisor would be held, were not as forthcoming.

“I don’t think the ECB was that clear on it,” Vestager said in an interview after finance ministers met in Luxembourg today. “It was more the commission, the presidency, member countries.”

EU leaders in June embarked on plans to create a common supervisor as a step toward offering direct bank bailouts from the euro-area’s firewall fund. All 27 EU nations must approve the oversight proposal for it to move forward, and non-euro region nations have said they need more assurance their voices won’t be drowned out by the currency bloc.

Vestager said she’s optimistic the supervision plan will move forward.

“There were very strong political guidelines, as there should be,” she said. “Much more work remains to be done.”

Vestager said Denmark’s government hasn’t changed its mind about staying on the sidelines as a coalition of EU nations seeks to craft proposals for a common financial-transaction tax.

“Our position is the same as it was when we were discussing the full proposal,” she said. “We’ll follow the process closely and see what the outcome will be.”

To contact the reporter on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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