ECB to take over EU Supervision

In a speech by Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank (ECB) last Thursday, he emphasized the idea of a single European supervisory authority.

This has been mooted since the EU's Financial Services Action Plan (FSAP) was created in 2000, and is a regular discussion. It is now even more discussed as a result of the financial crisis.

Unsurprisingly, Mr. Smaghi argues that the new central EU Regulator should be the ECB.

Chris Skinner