Constâncio identifies benefits of banking union to non-members

European Central Bank at night

Vítor Constâncio, the ECB vice-president, yesterday insisted the European banking union will benefit all EU countries, regardless of whether they become members of the Single Supervisory Mechanism (SSM).

"It is important to stress here that the playing field really will be level. There will be no disadvantage for banks in countries – like Britain – that stay out of the SSM," Constâncio said.

The banking union, he told an audience in London, will simplify supervisory and regulatory practices by

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