ECB official attacks German bank supervisor revamp

European Central Bank Directorate Member Tommaso Padoa-Schioppa was reported on Mar 4, 2001 as reiterating the ECB's objections to German government plans to strip the Bundesbank of its banking watchdog duties.

Padoa-Schioppa said in a newspaper interview to be published on Mar 5, 2001 that the German plan to merge banking, insurance and securities market supervision into a new institution could pose new problems and worsen existing ones. "No less is at stake than the functionability of the fi

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