VIENNA: The quality of a new banking supervisory mechanism for Europe is more important than how soon it starts work, European Central Bank policymaker Ewald Nowotny said on Friday.
"I think it is not so important when this system becomes effective it is important that it becomes a very well-functioning system. This is a field where you are not allowed to make any mistakes," Nowotny said during a speech in Vienna.
"The priority has to be the quality, not the timing of this new system," he said of the new supervisor, which is to be set up under the roof of the ECB.
ECB Executive Board member Yves Mersch said earlier there was a danger the planned supervisor would not be operational early next year as scheduled.
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