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Asmussen Says Supervision Framework Won’t Be in Place by Jan. 1

European Central Bank Executive Board member Joerg Asmussen said the legal framework needed for the ECB to assume bank supervisory duties won’t be in place by Jan. 1 as lawmakers continue deliberations.

“I don’t think that we are going to get across the implementation because the European Parliament has to get involved,” Asmussen said late yesterday at an event in Brussels. “This year we can’t expect to make any miracles, even if the ministers happen to agree on the 12th of December, which I hope.”

European Union finance ministers this week failed to find common ground on technical arrangements for the ECB to take over supervising European banks, and added another meeting next week to push for an agreement before a leaders’ summit on Dec. 13. ECB President Mario Draghi said on Nov. 23 it is “essential” that the legal framework is ready “as soon as possible, ideally on 1 January.”

Ministers are rushing to establish the ECB as the continent’s bank supervisor as a prerequisite for countries including Spain to access joint funds directly to recapitalize their banks. Draghi has said he expects the supervision to be phased in gradually next year with full implementation by the beginning of 2014.

“I think we are going to find the legal principles,” Asmussen said. “And, of course, this is going to happen next year.”

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