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ECB Must Open Up About Banking Supervision, Auditors Say

Law360, London (January 14, 2019, 12:48 PM GMT) -- The European Central Bank must be more transparent about how it supervises lenders, the European Court of Auditors said Monday as it demanded new laws to force the institution to open its books and help protect wider financial stability.

The panel of auditors said it has been denied access three times to “important information” about how the ECB supervises Europe’s banks, and called for the Parliament and Council to intervene.

“It is essential that we have full powers to audit the ECB’s supervisory activities,” Klaus-Heiner Lehne, who is president of the auditing panel, said in a statement. “This is particularly important...

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