ECB's transition into bank supervisor moves forward

03/19/2013 | Bloomberg · Washington Post, The · Reuters · Wall Street Journal, The

EU lawmakers have struck a deal with national governments on legislation to give the European Central Bank authority as a banking supervisor. "This is the largest step toward integration since the euro," said Sven Giegold, a member of the European Parliament involved in the negotiations. "It will break with the culture of soft-touch regulation." The deal also bolsters the European Banking Authority's power to ask national regulators for information.

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