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Banking union leak points to sweeping powers for ECB (Euroepan Central Bank)
EurActiv ^ | 10 September 2012 | Jeremy Fleming

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 proposals—which still face months of negotiation between governments and the European Parliament—give the ECB the power “to authorize credit institutions and to withdraw authorization of credit institutions”. …

Meanwhile, the potential reach of the ECB’s 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. …

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TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; Government
KEYWORDS: bankingunion; eurocurrency; europeanunion; eussr

1 posted on 09/10/2012 6:01:15 PM PDT by Olog-hai
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To: Olog-hai

And without the mark of the beast you will be barred from buying or selling.

2 posted on 09/10/2012 8:04:12 PM PDT by RetiredTexasVet (Skittle pooping unicorns are more common than progressives with honor & integrity.)
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