Please ensure Javascript is enabled for purposes of website accessibility

ECB's Draghi Urges Speedy Banking Union

By Associated Press - Apr 16, 2013 at 10:20AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Mario Draghi told the EU parliament Tuesday that it is of "utmost importance" to pass the legal prerequisites for a centralized banking oversight under the aegis of the ECB before the summer.

BRUSSELS (AP) -- The head of the European Central Bank is urging the 17 European Union countries that use the euro to move swiftly toward completing a full banking union to stabilize the bloc's financial sector.

Mario Draghi told the EU parliament Tuesday that it is of "utmost importance" to pass the legal prerequisites for a centralized banking oversight under the aegis of the ECB before the summer.

He says Europe must then move to set up the next "key element" of the new system -- a joint resolution mechanism that would restructure or wind down failed banks and minimize costs to taxpayers.

That step faces reluctance from officials in Germany, who fear they might have to pick up the bill for bailing out banks in other European nations.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
338%
 
S&P 500 Returns
119%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/17/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.