ECB bank-crisis management needs improvement, EU auditors find

"The ECB’s operational framework for crisis management has some flaws, and there are signs of inefficient implementation," the ECA said in a report published on Tuesday. The EU auditors made a series of recommendations with target dates for implementation stretching into next year. The ECB has accepted most of the recommendations, the auditors said.

The ECA report suggests that the ECB "refused to provide important evidence" that the auditors had requested. "This had a negative impact on the audit work to the extent that the ECA was able to draw overall conclusions about the design of the ECB’s processes, but was unable to confirm the operational efficiency, in practice, of its crisis management."