Economy of the European Union Latest News: ECB Official Wants Strict Check of Bank Finances

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Jens Weidmann, a top European Central Bank official is calling for a "strict and thorough" review of bank finances before the ECB takes over from national regulators as Europe's top financial supervisor. European Central Bank head Mario Draghi is defending the ECB's bond-buying program, saying it is more important now amid recent market uncertainty. European Central Bank policymaker Joerg Asmussen said that closer integration within Europe called for European Union institutions - in particular its parliament - to be strengthened to ensure democratic control and accountability. "The increasing level of integration within Europe calls for a new institutional design to ensure legitimization, accountability and democratic control," the German ECB Executive Board member said at an event organized by the Kiel institute for the World Economy.
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