Mediafax (Mediafax)
Markets  |  June 04, 2012 18:25:05

Union Bank is a good idea, but needs time, says the head of the Austrian National Bank


VIENNA (MEDIAFAX) - A member of the Governing Council of the European Central Bank (ECB) and the Austrian central bank chief Ewald Nowotny supports the idea of ??a European Union bank, but by the time it needs. Informed the agency on Monday said.

"The idea that is certainly correct, but may be falsely presented. We need a lot of time to implement," said the Austrian news agency APA Nowotny.

More important than the Union Bank, he said enforcement is already agreed measures, such as the permanent pool area, the European Stability Mechanism (ESM), which should become operational from 1 July. But yet ratified the agreement on ESM only four euro area countries.

"I am an adherent of each week we invent something new. We primarily to enforce what is planned," said Nowotny.

Because there is no common European economic policy, Nowotny called the euro area to the Stability Pact, which is the core of a common European fiscal policy taken seriously.

Tomáš Králíček, kralicek@mediafax.cz

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