ECB’s Constancio calls for accelerated banking union drive - FT

In his farewell interview after a 34-year career in central banking, the European Central Bank (ECB) out-going Vice President Vítor Constâncio called for accelerated banking union drive, the Financial Times (FT) reports.

Key Quotes:

Eurozone’s southern members have done enough to reform their economies and reduce risk in their financial systems for the bloc to speed up the banking union.

"Enough risk reduction has been achieved to justify introducing common elements of risk-sharing in the banking union project.

The periphery countries have undertaken huge adjustments; they've gone from big deficits, both in the budget and the external current account, to complying with EU rules".