In addition, ECB Executive Board member Asmussen said “markets are pricing in a breakup of the euro area” and for a currency union, such systemic doubts are “unacceptable”. On the ECB’s future role as a supra-national bank supervisor, Asmussen said the ECB will strictly separate monetary policy from its supervision responsibilities. He added that the central bank must have the right to close ailing banks and central bank supervision should be a condition for receiving ESM aid.
According to Research Analyst Geoffrey Yu at UBS, “EU President Van Rompuy will likely convene a special EU Summit on November 22-23 to discuss EU’s “future finances”. Meanwhile, Greek Prime Minister Samaras is scheduled to meet ECB President Draghi on September 11 in Frankfurt.