The vice-president of the European Commission, Olli Rehn believes the schedule for implementing the single supervisory mechanism – presented by the Commission yesterday – by the end of the year is feasible. Rehn indicated to STT that the motion is now in the hands of the EU member states and the European Parliament. The Chancellor of Germany, Angela Merkel scurried to question the capacity of the European Central Bank (ECB) to monitor 6,000 banks. Rehn, however, stresses that the majority of banks would be monitored by national supervisory bodies, while the ECB would assume ultimate responsibility over the supervision, in order to prevent the banking crises from escalating.
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