The European Central Bank as well as the 17 national central banks in the currency bloc should be empowered to monitor and supervise banks with cross-border presence, Governing Council member Christian Noyer wrote in an op-ed published in the Wall Street Journal Tuesday.
"But a true financial union must extend to all banking institutions, whatever their size," Noyer, who is also the governor of Bank of France said.
Further, he said the ECB and national central banks are well-equipped to be the backbone of the financial union.
To be complete, the financial union requires a single bankruptcy regime and a banking resolution regime, Noyer added.
In an interview to the Financial Times, European Commission President Jose Manuel Barroso urged all the 27 European Union members to consider a single cross-border supervisor for their banks in order to form a banking union, which could be enacted as early as next year.
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