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ECB's Draghi says SSM can fight localised bubbles

post time:2014-02-13 viewed:16897 

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  European Central Bank President Mario Draghi said on Wednesday the new pan-European banking supervisor will be able to prick localised asset bubbles, if necessary.  The Single Supervisory Mechanism (SSM), run out of the ECB, is due to take over supervision of euro zone banks in November after conducting a health check of the sector.  "The SSM has been designed with the necessary independence to lean against localised booms," Draghi said in a speech at an event organised by the Belgian central bank.  Draghi also said that a future agency to wind down failing banks could face more complicated tasks if there were any doubts about its financial resources.  Source: Reuters (Reporting by Martin Santa, writing by Sakari Suoninen)

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