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German Chancellor Angela Merkel warned Monday
against any hasty steps in setting up Europe's new bank supervisory
body.
"We cannot disappoint by moving too fast," Merkel told a press
conference in Berlin, adding that it was unlikely that the planned
pan-European supervisory body would begin operating in January.
She went on say that the supervisory system first needed to be in
place before the new bailout fund, the European Stablity Mechanism,
could consider helping ailing eurozone banks.
"This is the order and it is essential that it is followed," she
said.
