European Commission divulges banking oversight proposals

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The European Commission (EC) today (September 12) unveiled plans to introduce a single supervisory mechanism (SSM) for banks in the eurozone, a move widely seen as needed to rescue the currency union from break-up.

"Today, the commission is presenting legislative proposals for a single European supervisory mechanism. This is the stepping stone to a banking union," said José Manuel Barroso, the president of the EC in his State of the Union 2012 Address to the European Parliament in Strasbourg.

"T

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