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A European Central Bank official emphasized the EU needs to implement simple regulations on bank capital in order to attain the banking union under a lone sector supervisor in the bloc.
ECB official Francois Villeroy de Galhau said Monday the region also needed improved coordination between the sole regulator at the monetary authority, the European Commission, and watchdogs.
Villeroy added there has been precise improvements after the inception of the banking union over two years ago, though it is not yet fully achieved.
The ECB policymaker urged for a swift solution to bank woes in Italy and Portugal, noting it was not usual that local problems affected the reputation of the banking sector in Europe.
