Finance Ministers of the EU supported a process of formation of a single banking supervisor in the euro area, wrote AP.
This is accomplished after the European Parliament supported the initiative.
The mechanism will be triggered by November 2014. The EU Commissioner for Internal Market and Financial Services Michel Barnier said that it is now necessary to establish common rules for the closure and rehabilitation of troubled banks and guaranteeing deposits in the Eurozone.
Very practical supervision will be carried out by the ECB, with time it will control not only the Eurozone banks, but banks in other EU countries who wish to join.
National supervisors will continue to play an important role in the daily supervision and the preparation and implementation of the decisions of the ECB.
The Commission also proposes today the European Banking Authority (EBA) to develop a single manual supervision to maintain the integrity of the single market and to ensure coherence in banking supervision for all 27 states - states. Meeting and the decisions of the ECOFIN actually give the green light for the establishment and appointment of the necessary structures to take care of the implementation of the "super surveillance" of the EU banking system, analysts commented.
Source: http://www.bg-daily-news.eu
(17.10.2013)