EU breaks deadlock and gives ECB powers over euro-zone banks

12/12/2012 | Reuters · Deutsche Welle (Germany)

EU finance ministers agreed to give the European Central Bank powers to oversee the euro zone's biggest banks and take a hand in oversight of smaller banks when there are signs of trouble. "This is a big first step for banking union," EU Internal Market Commissioner Michel Barnier said. "The ECB will play the pivotal role, there's no ambiguity about that." German Finance Minister Wolfgang Schaeuble dropped his objections.

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Reuters · Deutsche Welle (Germany)

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