Bloomberg News

EU Ministers to Discuss German Treaty Request on ECB Bank Law

April 10, 2013

European Union finance ministers will seek to resolve German concerns that a draft law to hand the European Central Bank oversight powers doesn’t make a firm enough commitment to explore changes to the bloc’s treaties.

Diplomats from the EU’s 27 nations agreed today that ministers should seek solutions after Germany last week called for several technical changes to a deal on the supervision plans that was reached with EU lawmakers, according to an EU official.

German Finance Minister Wolfgang Schaeuble will raise the issue at a meeting of EU finance ministers and central bank chiefs beginning April 12 in Dublin, the official said on condition of anonymity in line with EU rules.

EU leaders called for the new supervisor in 2012 as they sought to tame a fiscal crisis that has forced Greece, Portugal, Ireland, Spain and Cyprus to seek international aid. The move is part of a broader plan to build a so-called banking union that may also include a central authority for resolving failing lenders, due to be proposed later this year.

Governments can accept some of Germany’s requests, including that the EU should extend rules for firing the chairman of the ECB’s bank oversight board to cover the vice chairman, the official said. Still, the country’s position that the law should make a clear reference to possible treaty changes is more problematic, the official said.

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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