German Chancellor Angela Merkel said Monday that she was open to establishing a European banking authority as a long-term solution to the continent’s financial crisis. Her support as leader of the EU’s biggest economy could be crucial for the concept, which aims to strengthen the eurozone and calm jittery markets.
The proposal for a Europe-wide authority overseeing and ultimately guaranteeing the banks’ stability was first floated last week by the European Commission. But rich countries such as Germany have been lukewarm about the idea.
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