ECB nominates Frenchwoman Nouy for bank supervisory chief

20th November 2013, Comments 0 comments

The European Central Bank on Wednesday tapped the Frenchwoman Daniele Nouy to be head of Europe's new single banking supervisory authority.

The 62-year-old Nouy, a senior official at the Bank of France, had been widely tipped to head up the Single Supervisory Mechanism (SSM).

Her appointment needs approval by the European Parliament, whose economic and monetary affairs committee will audition her on November 27, the ECB said in a statement.

If confirmed, she will take up the job in January.

The ECB is to assume the role of Europe's new single banking supervisory authority at the end of 2014.

The SSM is a key element in efforts to stabilise the EU's banking system by preventing banks from becoming so over-extended that their governments risk bankruptcy themselves in the effort to save the lenders from collapse.

The European Central Bank will in turn have oversight of the SSM, to bring all regulatory functions for the banking sector under one roof.

The ECB had faced calls to pick a woman for the new job, following criticism over its lack of senior female figures.

The appointment of a French national is seen as a counterpart for Paris giving up a claim to head the Eurogroup when Luxembourg's Jean-Claude Juncker stepped down early this year.


© 2013 AFP

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