The European Banking Federation has welcomed the provisional agreement on the Single Supervisor that was reached by the EP and the Irish Presidency.
“We believe that establishing a single supervisor is a central element within the effort to achieve financial stability. Clearly, integrated supervision is essential for severing the link between financial crises and sovereign debt crises”, highlights Guido Ravoet, Chief Executive of the EBF.
The agreement, which is now to be endorsed by all EU Member States, is an important step towards a successful Banking Union and restoring trust and confidence in banking across Europe. However, the EBF stresses that there is an imperative need to clarify without delay the practical details of the proposal which should make it very clear to the supervised banks who is their main supervisor inside the mechanism of central and local cooperation.
Press release
© EBF
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