Press review | 01/06/2012

Brussels calls for a banking union

For Draghi a banking union is the lesson to be learned from the crisis. (© AP/dapd)

Speaking in the EU Parliament on Thursday, the ECB head Mario Draghi called for a central supervisory authority for Europe's finance sector in response to the Spanish banking crisis. His call echoes a proposal tabled on Wednesday by the EU Commission. In view of the catastrophic state of affairs in Madrid and Athens the proposal is long overdue, some commentators write. Others warn that Europe lacks the necessary solidarity for a banking union.