Europe must make a decision as soon as possible on setting up a strong central authority to handle failing lenders, a key plank of establishing a successful banking union, former European Central Bank (ECB) president Jean Claude Trichet urged on Thursday.
Although European Union lawmakers earlier this month granted new powers to the ECB to oversee banks in the euro zone, the challenge of setting up a single euro zone authority to handle failed banks remains.
Trichet, speaking to CNBC on the sidelines of the SkyBridge Alternatives (SALT) conference in Singapore, said establishing such a body was crucial.
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Mingze Wu
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