DUBLIN, July 25 (Reuters) - The euro zone needs to do more to ensure that interest rate decisions taken by the European Central Bank filter through to borrowers across the continent, ECB Governing Council member Christian Noyer said on Wednesday.
“We need to ensure proper transmission of monetary policy,” Noyer said in a speech in Dublin. “It simply does not work.”
To ensure this, Europe needs to implement unified banking supervision, a deposit guarantee scheme and a banking resolution fund.
Europe “can work quickly” to achieve this if the political will is there, he said. (Reporting by Conor Humphries; Editing by Susan Fenton)