Asmussen calls for quick implementation of EU banking union

FXstreet.com (Barcelona) - Following yesterday’s grilling of Eurogroup President Jeroen Dijsselbloem, EU Commissioner Olli Rehn and ECB executive board member Jörg Asmussen appeared before the European Parliament on Wednesday to answer questions about the Cyprus bailout.

Jörg Asmussen emphasized that the situation in Cyprus shows that the banking union should be implemented in the Eurozone without delay. "Only then we will be able to break the negative interaction between sovereigns and their banking systems," he said.

Olli Rehn assured that the EU provided all the necessary support for the distressed island. When asked about the problems with reaching the final bailout deal, the EU official pointed to the Cypriot government’s inability to make a decision in a crisis situation.