Bundesbank Says ECB Bank Oversight May Need Primary-Law Change
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European Union lawmakers will probably have to amend the rules governing the European Central Bank as it embarks on the complex task of regulating banks, according to the Bundesbank.
“It will be necessary to base common supervision on a solid legal basis and to make the governance structures simpler,” said Sabine Lautenschlaeger, vice president of the German central bank, in Frankfurt today. “I don’t think we’ll get around a primary-law change to improve the governance structure and separate monetary policy more clearly from banking supervision.”