ECB board member Jörg Asmussen suggested that the central bank should be an exclusive decision-maker as far as to which European banks ceased to be viable and should be wound down.
He noted the importance of creating a banking union in the area to attain a truly integrated financial market.
Asmussen said the process of designing the banking union has slowed down somewhat. The European Parliament however is expected to approve a law on joint banking supervision next week, which would allow the ECB to take over as single supervisor in late 2014.
Furthermore, Asmussen said that the third, upcoming round of stress tests will be the “last chance” to rebuild confidence in the EU's banking sector.
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