Bloomberg News

Merkel Says Systemic Banks May Need European Oversight

June 04, 2012

German Chancellor Angela Merkel said systemic banks may need supervision at the European level as the European Union weighs possible steps toward “political union.”

“The fiscal pact is one step, but it’s not sufficient yet,” Merkel told reporters in Berlin today before talks with European Commission head Jose Barroso. “So we will also talk about to what degree one has to bring the systemic banks under specific European supervision to keep national interests from playing too large a role.”

She and Barroso met at the Chancellery to prepare for an EU summit on June 28-29 that is Europe’s latest effort to combat the euro-area debt crisis now in its third year and discuss more common economic policies.

“The world wants to know how we see the political union in complement to the currency union,” Merkel said. “That requires an answer in the foreseeable future and Germany will be a very constructive partner.

‘‘In the euro zone, we need more Europe, not less,’’ she said.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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