The European Central Bank will need to more than double its manpower and hire around 2,000 bank supervision staff to put the eurozone’s banking union into practice, according to a confidential study for the ECB.
The consultancy report, commissioned by Mario Draghi and the ECB executive board and submitted last month, recommends a rapid build-up so Frankfurt has the resources and clout to fulfil properly its supervision role and protect its reputation.
EU leaders have set their sights on banking union as a way of tackling one of the structural flaws that helped to spark the eurozone crisis. The need to restore market confidence in the single currency gained renewed urgency on Monday when a months-long rally came to an abrupt halt. Investors pulled back amid a political storm in Madrid and as Silvio Berlusconi staged an electoral fightback.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.