European Central Bank member Pablo Hernandez de Cos said on Tuesday that the euro zone should introduce a common mechanism for financial stability to counter the slowing economy in the euro area, rather than demanding Germany and the Netherlands to take expansionary financial measures.
He stressed that what we need is financial stability at the level of the euro area, and stressed that this would be much better than trying to ask the Netherlands and Germany for further financial expansion.
De Koss also urged progress towards a union of capital markets by completing the banking union and agreeing on a European deposit insurance scheme.