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ECB needs proper resources for supervisory role: Nowotny
September 13, 2012 / 9:36 AM / 5 years ago

ECB needs proper resources for supervisory role: Nowotny

VIENNA (Reuters) - Putting the European Central Bank in charge of supervising banks in the euro zone is a good idea but the central bank needs to have the resources to do the job right, ECB Governing Council member Ewald Nowotny said on Thursday.

“As with any supervisory measure you have to watch out that you actually have the means to fulfil the responsibility. That is the discussion to be held now,” he told reporters on the sidelines of a markets regulation conference.

He said it was clear under the new proposal that national and regional supervisors would de facto remain in charge of supervising smaller lenders. He said he would welcome it if countries in central and eastern Europe would join the system.

Reporting by Michael Shields; Editing by Toby Chopra

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