All euro-zone banks will be subject to joint control mechanism starting from 2014, EU Commissioner for Finance Olli Rehn said at the forum "European model. Challenges and Solutions" in Düsseldorf (Germany), ForUm correspondent reports. However, the European Central Bank (ECB) will give time for the introduction of this mechanism in action. So, the legal framework of the new system will be developed in 2013.
Under the new agreement, the ECB shall have the right to monitor the level of capital and liquidity of six thousand banks of the euro-zone for compliance with the agreed standards and, if necessary, to intervene in their work, including directly pouring money into failing banks and increasing the debt of governments.
"You could call it a small revolution - the euro-zone will have a single control mechanism, which in some way will replace the national authorities. The essence of our problem is the financial crisis. If we had had such a mechanism in 2008, the crisis would not have been as it is today," the economist concluded.
