Draghi backs single resolution mechanism as banking union next step

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A single European resolution mechanism should be set up once the European Central Bank (ECB) is established as the centre of the single supervisory mechanism (SSM), Mario Draghi, the president of the ECB, told the European Parliament today.

In a statement to the Committee on Economic and Monetary Affairs, Draghi said the ECB shares the European Council's views on the timing for the single resolution mechanism, "namely that it will be required once bank supervision is effectively moved to the SSM

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