EU Bank Supervision is ECB’s “Top Priority”

At the quarterly meeting of the EU’s Economic and Monetary Affairs Committee on 9 July 2012, ECB President Mario Draghi confirmed that taking concrete steps towards establishing EU bank supervision by the end of the year was the top priority for the ECB.

The ECB regards the supervision of large banks as the most pressing aspect of bank regulation and is ready for the ECB to take on the role of supervisor.  However, Mr Draghi acknowledged that the monetary policy decisions of the ECB must remain independent of any supervisory functions.