Draghi Says Clearing Oversight After Brexit Is `Crucial' for ECB
- ECB needs tools to ensure stability of euro, president says
- Draghi speaks at European Parliament hearing in Brussels
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The European Central Bank needs to maintain a firm grip in overseeing clearing of trades in euro-denominated financial instruments after Britain leaves the European Union, President Mario Draghi said on Monday.
“We need to have proper tools under EU law that we can ensure the stability of the common currency,” the ECB president told European Parliament lawmakers at the hearing in Brussels. For his institution it will be “crucial that it can at least preserve the current level of involvement over systemically important euro-denominated clearing activities, regardless of the framework adopted by the EU legislator and of the terms of the future EU-U.K. relation.”