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EU nations have already agreed to set up a joint banking supervisor anchored at the European Central Bank. Before formally taking over that task, the ECB will review the assets of the bloc's biggest banks through 2014 to identify possible weak spots, such as insufficient capital. The ECB insists the resolution authority should be in place by the end of the review to prop up or shut down banks if necessary. If that can't be achieved, every government, even those with weakened finances, will have to fend for themselves. "Countries need to take all possible measures regarding the preparation of their national systems, so if serious issues surface from the bank reviews, that they can also be dealt with," said Dutch Prime Minister Mark Rutte on the way into the meeting.
[Associated
Press;
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