Support builds for giving ECB more power, official says

02/13/2009 | Financial Times (free content)

Lorenzo Bini Smaghi, an executive board member of the European Central Bank, told the European Parliament that a "consensus" favoured giving the central bank additional supervisory responsibilities. Bini Smaghi said giving the ECB more authority would provide a better flow of information between central banks, supervisors and market participants. He also said the ECB could focus more on potential systemic risks to the financial system.

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