Academics advocate discretionary ECB supervision

European Union member states should be allowed to choose whether or not they want to be regulated by the European Central Bank (ECB), academics say.

In a paper published Wednesday, entitled 'Empowering the ECB to Supervise Banks: A Choice-Based Approach', Gerard Hertig, a law professor at ETH Zurich; Ruben Lee, the chief executive of the Oxford Finance Group, a research and consulting firm; and Joe McCahery, a professor of corporate governance and innovation at the University of Amsterdam, a