European Union To Phase-In A Single Supervisory Body For Eurozone Banks

European Union leaders have agreed to phase-in a single supervisory body for Eurozone banks during the course of next year.

A legislative framework is to be agreed among member states by the 1st of January 2013.

The European Central Bank, the ECB, will be given supervisory responsibility with the power to intervene in any bank within the Eurozone.

The deal appears to be a compromise between France and Germany who earlier disagreed over the timing and over the number of banks the ECB will oversee.

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