It was the job of politicians, not the European Central Bank (ECB), to resolve these problems, he said.

BBC: Ernst Welteke

Its first effort to resolve these problems foundered in 2005 when French and Dutch voters rejected the constitutional treaty.

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Overall, I believe that an integrated approach to monetary and bank supervision would provide the most efficient set of procedures for diagnosing problems with banks and then prescribing the correct mix of solvency and liquidity measures required to resolve these problems.

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