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.
via CNBC
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Alfonso Esparza
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.
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