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Comments on Banking Supervision

REUTERS on January 13, 2008 by Anna Willard-REUTERS

The European Central Bank should play a more active role in the supervision of the banking and financial sector, Italian Economy Minister Giulio Tremonti was quoted as saying in a French newspaper on Tuesday.

"I think that would be a good idea," he said in an interview in response to a question about increased ECB supervision.

"I am favourable to a single supervisor for all financial institutions. It's impossible to continue to function with a single market and 27 different authorities. There is some resistance but it is absurd to continue like this."

On Friday, ECB President Jean-Claude Trichet said the ECB was considering an increased supervisory role.

However, the proposals have been met with caution by some senior European decision makers and analysts say deeply entrenched national interests may hinder the plans.

Responsibilities for bank supervision in Europe currently vary. In some countries, it is the job of the national central bank while others have established separate bodies for the role.

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