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ECB On Track for Bank Supervision According to Asmussen

The European Central Bank will be able to begin its new banking supervision role on time if European lawmakers back legislation next week for it to take on the role, ECB Executive Board member Joerg Asmussen said on Wednesday.

Asmussen expects the so-called single supervisory mechanism (SSM) to begin work next autumn, he said earlier in a speech.

“The timetable (for the SSM) is ambitious, but doable under the premise that the EU parliament approves the legislation for the SSM next week,” Asmussen said in a response to questions at a banking conference in Frankfurt.

He also said he expects to communicate details of a balance sheet review to banks this autumn and then the review to take place at the beginning of next year. The ECB is conducting the review to look into banks before it starts supervising them.

via Reuters [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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