Trichet proposes extra 'crisis' powers for ECB
Jean-Claude Trichet, president of the European Central Bank, has proposed amendments to financial laws that would give the ECB more powers to regulate the banking industry in case of a repeat of the global credit crisis.
Laws proposed by the European Commission to set up an EU authority for the banking industry "should also ensure an adequate institutional involvement" of the ECB, Mr Trichet said. The ECB is seeking amendments that would give it the power to ask regulators for information on banks in crisis.
"There is a need for close cooperation of the authority with the ECB and EU central banks and the access of central banks to prudential information may be essential, in particular in emergency situations," said Mr Trichet. (Bloomberg)