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The EU is due to unveil today proposals to turn the ECB into the eurozone's banking supervisor...

  • Wednesday, September 12, 2012, 3:57 AM ET
    The EU is due to unveil today proposals to turn the ECB into the eurozone's banking supervisor by 2014 in what would be the first step towards a full banking union. The ECB would begin overseeing the bloc's largest banks from July 2013 and smaller institutions six months later, although national authorities would retain control of daily supervision.
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    What was once unthinkable has been made realistic by the crisis; while many on this side of the Atlantic assumed the common currency would not work and would eventually have to be dissolved it seems the EU has used this crisis to bring more unity and tighter integration than was achievable without it.
    12 Sep 2012, 06:19 AM Reply Like
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