EU leaders agree to a deal that will give the ECB oversight of eurozone banks starting from next...

|By:, SA News Editor

EU leaders agree to a deal that will give the ECB oversight of eurozone banks starting from next year, a critical step that will allow the ESM to begin recapitalizing troubled institutions and that will lead to the creation of banking union. The ECB will begin by supervising banks that received state aid and then large cross-border firms, with all of the eurozone's 6,000 banks set to come under its aegis by 2014.