Germany creates super-regulator, reform Bundesbank

GERMANY - Germany's parliament agreed on Friday to sweeping changes on how the country's financial markets are supervised and run and, against expectations, passed a law that will shrink management at the once-mighty Bundesbank, report Reuters.

The Bundesbank reform and a parallel proposal to create a super-regulator for Germany's financial industry were adopted despite a walk out by opposition members from the Bundesrat upper house in protest at a vote on a new immigration law.

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