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Asmussen: ECB needs a 10 year plan for Europe

Wednesday, June 06, 2012 - 03:34

June 6 - ECB board member Joerg Asmussen says that in order to restore market confidence in the euro area the ECB needs to have an answer to where Europe wants to be in 10 years time.

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What we have to also. Is the question. Where does you want to stay in. Ten years from now. You came back down so why does the Central Bank terror it's it's very simple if you can look until the question. Where you wanna stand ten years from now nobody would buy it and you -- And that makes you want to have a concern of this and all -- just. That in -- -- focused on one point. David resolution regime for banks. -- -- -- -- -- A more integrated union because the monetary. That we have now is in complete. And they have to complement it in a way to make it more stable. And one point. Is that fiscal union. The second run. It's a financial market union with three key elements. It was a solution regime including the fund. Second Amendment. The deposit guaranty insurance and a centralized supervision for the launch 25 -- And though we need them practically. Legitimize political union. So you need to do all of these three things we need to stop this speedy. We need to that it brought mandate at the summit. At the end of June. To make you well we wanna go in all of you we have to Foster integration even more in the you're having them. Because if you share -- common currency it's -- coming distant. So we need to go ahead to give even if it's under is four dollars and with you pesetas. But I can be here do you it is not a coastal. And who proposed to convergence -- turn on sustainable basis is more than welcome to. -- how quickly it's quickly. And shorts RS in acting as very good speech over the weekend said -- past three months. To stay together and mentioned specifically some of the financial measures you're talking. European -- on insurance. Weren't centralized banking system in are you gonna make that deadline. No I don't agree with many of the things that he recently said and published in newspapers outside the -- Latvia. I would say we have. Two different things to do you have. To deal with immediate. Difficult situation. In some countries. But this we have to do with the existing two books that we happen I'm convinced. That we are able to do it's that the governments and the institutions European until -- once I able to do this and then we have a longer term perspective. Well we have to lay out at the summit at the end of June when one -- And then stocks if that's a consensus. To implement. This quick piece of these are two different things one this web 21 go. But the financial market union could -- clearly. Need in the future to break the nexus between banks and the summons is nothing that we have available. This sum up this -- to do you can come and bond with the country's.

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Asmussen: ECB needs a 10 year plan for Europe

Wednesday, June 06, 2012 - 03:34