ECB should not be lead agency for EU financial stability – Mersch
Democratically elected institutions should play main role, ECB board member says
The European Central Bank should not be the European Union’s lead agency for financial stability, said Yves Mersch, a member of the ECB’s executive board.
The ECB has no clear legal mandate to maintain financial stability in the EU, Mersch told an audience in Frankfurt on September 6. Democratically elected institutions, including national governments, should play the lead role.
The EU was “based on the rule of law”, Mersch said. It could only act using certain powers and to meet certain goals
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