Stark- EU not ready for single financial regulator

The European Union is not ready for a single financial regulator, according to a newspaper article by Bundesbank Vice President Juergen Stark.

Writing in Germany's Frankfurter Allgemeine Zeitung on the challenges facing regulation of global financial markets, Stark said a central supervisor would require EU governments to give up more sovereignty and harmonise national legal systems.

A central supervisor would also not do justice to differences in countries' financial sectors, he added in the a

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