EU leaders agree on new powers for ECB


European leaders have endorsed giving the European Central Bank (ECB) a banking oversight role at the centre of Europe's single supervisory mechanism (SSM) next year. However, despite discussions continuing into the early hours of this morning (October 19), European leaders failed to agree on when the European Stability Mechanism (ESM) will be able to directly recapitalise ailing eurozone banks.

"The urgent element now is setting up a single supervisory mechanism, to prevent banking risks and

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