“We believe the process [to set up a single supervisory mechanism] has already started and it’s unfolding very fast, faster than we would have anticipated in the spring or in the summer,” Isarescu told a news briefing. “It is my opinion that Romania should be part of the process.”
Isarescu said the central bank’s Board has already held a first debate on the matter earlier Thursday. However, Romania’s participation in the banking union is contingent on many different factors, he added.
Early September, the European Commission has recommended the establishment of a single supervisory mechanism to monitor the performance of the 6 000 or so banks in the eurozone. The mechanism would confer the European Central Bank additional powers over the banks in the region.
Romanian President Traian Basescu said recently that the eastern European country would like to be a part of the banking union, even if Romania is not a member of the eurozone.