ECB needs larger role in bank oversight, insider says

01/8/2009 | Wall Street Journal, The

Lorenzo Bini Smaghi, an executive board member of the European Central Bank, urged more coordination in dealing with crises and suggested that the ECB take on a more active role in overseeing the region's banks. "We should move to a system in which, at least for large banking institutions, coordination requirements prevail over national needs," Bini Smaghi said.

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