Skip to comments.Banking union to put 6,000 banks under ECB supervision
Posted on 09/04/2012 9:18:52 AM PDT by Olog-hai
The European Central Bank will have the "ultimate decision-making authority" on supervising 6,000 euro-area banks, with some day-to-day tasks delegated to national bodies, a commission spokesman has said.
"There is a clear need to cover all banks through a single supervisory mechanism for all 6,000 banks of the euro area," Stefaan De Rynck, spokesman for financial issues said during a press conference on Friday (31 August).
The commission will table proposals on 12 September on granting the ECB sweeping supervisory powers to help early detection of troubled banks and force them to fix their balance sheets before having to ask for public money.
(Excerpt) Read more at euobserver.com ...
Rearranging those deck chairs on the Titanic