Czech central bank opposed to joining banking union

Mojmír Hampl

A vice-governor of the Czech National Bank has come out in opposition to his country joining Europe's single supervisory mechanism (SSM) later this year, saying a piecemeal approach to banking union could end up with a "half-baked" solution that is "worse than the status quo".

Mojmír Hampl said the central bank "cannot recommend to our authorities otherwise but [that they] do not join the SSM as its stands today, for the time being". He said that in a worst-case scenario, "participation in the

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