Bundesbank challenges ECB's role in banking union

11/14/2012 | Bloomberg

In June, European leaders decided to give the European Central Bank authority to establish a banking union and therefore supervise all 6,000 euro-zone banks. Germany's Bundesbank is questioning whether the ECB can legally have that role. The banking union is scheduled to launch on 1 January, but the ECB is seeking more time, saying it might need until 2014 to be operationally ready.

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