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New Economic Commissioner Committed to EU Banking “Revolution”

Roberta Holland | September 17, 2014

Despite the changing of the guard on the European Commission, the new commissioner in charge of economic policy vowed to press ahead with the nascent European Union-wide banking union, saying the new supervisory system amounts to “a revolution.”

“It will change the way the banking sector operates,” Jyrki Katainen, the new commissioner in charge of economic and monetary affairs, told financial executives gathered in Lisbon this week for a Euro50 Group conference. “It will change the way the EU addresses inter-connectedness and spillovers. It is about collectively cutting the Gordian knot that has linked banks with their sovereigns for centuries.”

Katainen, former prime minister of Finland, replaced Olli Rehn in July as economic and monetary affairs commissioner. He was also named one of the commission’s vice presidents, and is expected to work closely with former Latvian Prime Minister Valdis...

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