Romania To Firmly Oppose Creation Of EU Single Banking Watchdog – President

Basescu said European Union states have proposed the creation of a single European authority to supervise the banking system.

"Romania will strongly oppose any attempt to create such a European authority,” the head of state said, adding that under Romanian law and the Constitution, the Romanian central bank is “in charge of the national banking system”.

"We don’t need a guardian from this point of view,” Basescu also said.

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The Romanian head of state said Romania will back the “improvement of financial surveillance in the EU”.

"Our standpoint is that public money can be injected in the banking system, and the costs are huge for countries with problems, but such a move doesn’t create conditions for economic growth," Basescu said, adding such economic growth entails ample restructuring.

"We don’t have solutions here, but we will draw attention on the need for a thorough analysis on the transfer of banks into state hands. We’re not making any accusations, but we have the experience of state-run banking systems, and they tend to have low performance,” Basescu said.