Europe will not be able to introduce centralized banking supervision by its year-end target date, German Finance Minister Wolfgang Schaeuble said on Monday, making clear this would delay any direct bank recapitalization by the euro zone's rescue fund.
Schaeuble also said if the European Central Bank were to take on the supervisory role for Europe's banks, it would need to be reorganized to ensure it remains independent in setting monetary policy.
The European Commission will make a proposal for pan-European banking supervision on September 12. At a European Union summit in June, leaders said they aimed to have the centralized supervision in place by the end of the year.
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