(MENAFN- Kuwait News Agency (KUNA)) European Central Bank praised on Saturday the outcome of recently held European summit in Brussels, including decisions which would be implemented next year, particularly the establishment of single banking organization to supervise the euro zone.
The bank is ready to play a role and accept supervision tasks to banks of the European Union, ECB's Executive Board member Joerg Asmussen said in a press statement, adding "we have repeatedly said that we accept under conditions a body that would supervise banks and if those conditions are met we will approve those decisions," in reference to summit decisions.
Asmussen added that approving such supervising body to be established by EU members was also critical.
The agreement would give ECB overall responsibility for banking supervision, according to European Council President Herman Van Rompuy, and opening the way for the bloc's rescue fund to inject capital directly into ailing banks.
French and EU officials said all 6,000 banks in euro zone would gradually come under ECB supervision by 2014, starting with banks receiving state aid, then large cross-border institutions.
ECB's taking responsibility as banking supervisor would open the way for eurozone's bailout fund to inject capital directly into troubled banks, without adding further burden on their host governments' debts.
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