ECB’s Coeure says Financial integration needs new legislation

• ECB’s SSM could spur bank restructuring
• Price convergence not same as market integration
• ECB & BOE will propose ways to improve the ABS market
• Suggests BRRD- like rule on non-bank finance institutions

“If we see the return of price convergence as ‘job done’ we risk making no progress at all. we may even be placing the seeds of the next crisis.”

Benoit Coeure speaking in Paris. The BRRD is the Bank recovery and resolution directive which was brought in to deal with failing banks.