EU To Have Common Bank Supervisor

  • The EU took a major step towards integrating the banking services of the Eurozone by agreeing to have a common bank supervisor. The decision was reached in agreement by the finance ministers of the Eurozone after months of dialogue. By March 1, 2014, over 200 banks in the EU would be eligible for direct European Central Bank control. With the move, the ECB will be directly responsible for banks and assets worth more than €30 billion. Each of the Eurozone member countries will have at least three banks directly supervised by the ECB.