ECB's Constâncio welcomes SRM authority with no national veto
The vice-president of the European Central Bank, Vítor Constâncio, today told an audience in Singapore that he welcomes the European Commission's proposal for a single resolution mechanism, saying it is important that national authorities cannot veto its decisions.
Speaking at a seminar on Asia's role in the global economy, Constâncio said "the situation of the financial sector in Europe has major spillovers for the global economy", and that therefore the completion of banking union will have
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