The eurozone’s top financial supervisor has criticized moves to create European champions to compete with global rivals, reported the Financial Times.
The remarks by Andrea Enria, who took over as chair of the ECB’s bank supervisory agency in January, come as Deutsche Bank and Commerzbank formally began merger talks at the urging of the German government, which is aimed at protecting the country’s struggling banking industry.
“I do not particularly like the idea of national champions, of European champions,” Mr Enria said in his first interview since taking the helm of the Single Supervisory Mechanism (SSM). “Especially when you are a supervisor, you should not promote any particular structural outcome.”
Full Content: Financial Times
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