"The appointment of the Directors General is a key step in the formation of the new supervisory function at the ECB. I look forward to working with all of them to build the new supervisory structure."
- Daniele Nouy, the former secretary-general of the French Prudential Supervision and Resolution Authority
The Eurozone economy is strengthening and fears of another recession have eased after the latest positive data. Moreover, the strength of the single currency is reflecting optimistic changes in investors' attitude towards the 17-nation bloc. According to the latest projections the economy will post a 1.4% growth in 2014, hence, there is a great opportunity for the Euro to strengthen further from the prospective of fundamental analysis.
By the end of the last year European finance ministers finally broke a deadlock on how to deal with region's failing banks, and agreed on a pact that will create a 55 billion euros fund, which will be financed by the banking industry during the next 10 years. Another important step was made on Friday, as the European Central Bank named four top officials to become responsible for banking supervision. Stefan Walters from Ernst & Yound and Ramond Quintana from Spanish central bank will have to lead teams that will have the direct control of the region's largest banks. Meanwhile, Jukka Vesala, who is a deputy director general at the Finnish Financial Supervisory Authority, will have to lead the team, which will deal with the indirect supervision of the rest of the banking sector. Finally, Korbinian Ibel from the Commerzbank will head the supportive team. The ECB is now expected to take control over the Eurozone's banks in November, as a part of a widely-discussed banking union project.
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