Skip to comments.Banking union leak points to sweeping powers for ECB (Euroepan Central Bank)
Posted on 09/10/2012 6:01:09 PM PDT by Olog-hai
Blueprints for a European banking union to be published on Wednesday (12 September) will trigger fevered debate over the powers of the European Central Bank (ECB), if a draft leaked late last week remains unchanged.
The draft proposal gives the ECB sweeping powers to carry out spot checks and withdraw banking licenses, previously the preserve of national supervisors.
The ECB would assume its new duties on 1 July 2013, the paper says, taking sole authority at the beginning of 2014.
The proposalswhich still face months of negotiation between governments and the European Parliamentgive the ECB the power to authorize credit institutions and to withdraw authorization of credit institutions.
Meanwhile, the potential reach of the ECBs supervisory control into non-euro states is also covered by the draft, which says that such states would be pushed to enter into formal close cooperation agreements with the ECB. Such agreements could allow the ECB to use the same spot-check powers within non-eurozone states as in eurozone countries.
(Excerpt) Read more at euractiv.com ...
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