Czechs ready to veto EU banking union.

By bne IntelliNews October 22, 2012
Czech Prime Minister Petr Necas said his country is ready to block the set up of a single supervision system for the European Union's banking sector, CTK newswire reported. Necas made the comments at a two-day summit of EU leaders in Brussels on Oct 18-19, where the leaders agreed a single supervisor to take over responsibility for overseeing the banks in the eurozone. A legislative framework that makes the European Central Bank the main supervisor is to be put in place by January 2013. "Not only the Czech Republic, but also some other states like Sweden, have pointed at the fact that we do not know the wording of all the proposals concerning the banking union," Necas said adding "So the risk of the Czech veto is of course still there. We do not know in detail how the legislative proposals should function and whether there are sufficient guarantees to prevent potential destabilisation of the Czech financial market."

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