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12 Sep 2013
EU gives the green light to single bank supervisor
FXstreet.com (Barcelona) - The European Parliament voted in favor of granting the European Central Bank powers of a single EU bank supervisor on Thursday, getting thus one step closer to creating a banking union in the area.
Following some negotiations on the degree of ECB's accountability to the EU and national parliaments earlier this week, the central bank agreed to make the minutes of the new banking supervision board proceedings available to the MEPs, consequently making way for the vote.
European lawmakers' approval today gave the ECB supervisory powers over approximately 6,000 banks in the 17 Eurozone member states. The Central Bank will assume the new role in one year´s time.
European Commission President Jose Manuel Barroso expressed his satisfaction with the outcome of the vote, adding that “now our attention must turn urgently to the single resolution mechanism."
Following some negotiations on the degree of ECB's accountability to the EU and national parliaments earlier this week, the central bank agreed to make the minutes of the new banking supervision board proceedings available to the MEPs, consequently making way for the vote.
European lawmakers' approval today gave the ECB supervisory powers over approximately 6,000 banks in the 17 Eurozone member states. The Central Bank will assume the new role in one year´s time.
European Commission President Jose Manuel Barroso expressed his satisfaction with the outcome of the vote, adding that “now our attention must turn urgently to the single resolution mechanism."