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updated: 9/17/2012 7:23 AM

Merkel insists bank supervision must not be rushed

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Associated Press

BERLIN -- German Chancellor Angela Merkel is digging in her heels on plans for a new European banking supervisor, insisting that they must not be rushed and that she has no intention of considering joint European deposit insurance.

The design of the new banking supervisor is widely considered to be a key part of Europe's attempts to strengthen its financial system and help bring an end to the three-year debt crisis.

But the European Commission's plans to have it supervise every bank in the eurozone and to have it start work at the beginning of 2013 have irked Berlin.

Merkel said Monday that a Jan. 1 start is "unlikely" and that building up the new system "must take the time needed to secure good quality."

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