ECB's Constancio: European Reforms So Far Insufficient

FLORENCE, Italy -(Dow Jones)- Attempted European reforms in the wake of the global financial crisis are "insufficient" so far, the vice president of the European Central Bank said Monday.

Financial supervision in particular lagged the boom of cross-border banking in the euro area, Vitor Constancio said.

That was and is a "problem for all euro area members, not just the troubled ones," he said.

He also noted there has been a lack of policy coordination in key areas such as competitiveness.