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Euro area needs more integrated financial market
supervision, says OECD’s Gurría
14/01/2009 – OECD Secretary-General Angel Gurría has called for a more centralised and integrated supervision of Euro area banks and financial markets to help prevent a recurrence of the financial turmoil which triggered the current recession.
Presenting the OECD Economic Survey of the Euro Area, Mr Gurría said policy-makers should create either a single EU-wide supervisor or a central agency to work in conjunction with national supervisors.
Effective coordination, he added, was key to re-establishing confidence and hastening a return to economic growth.
Mr Gurría said measures taken by European governments have helped prevent a systemic collapse in financial markets during the current crisis – even though the system is still under strain and doubts remain as to whether sufficient money has been set aside to recapitalise banks and to acquire troubled assets.
