European Union finance ministers reached an agreement early Thursday to create a single supervisor for their banks — one of the most significant transfers of authority from national governments to regional authorities since the creation of the euro currency.
Under the deal, banks with more than €30 billion ($39 billion) in assets supervised or those that represent a significant proportion of their national economies will be placed under the oversight of the European Central Bank.
The deal gives the ECB broad powers, including the ability to grant and withdraw banking licenses, investigate institutions, and financially sanction banks that don't follow the rules.
Read More At: http://www.businessinsider.com/eu-agrees-to-make-ecb-banking-superv...
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