The European Central Bank (ECB) is to be granted direct powers of supervision over the largest European banks, following negotiations that extended past 4am (CET) this morning (December 13).
Finance ministers from the 27 European Union (EU) member states met in Brussels to thrash out a deal regarding new powers of banking supervision for the ECB – the ‘single supervisory mechanism' (SSM) – and adjustments to regulations governing the European Banking Authority (EBA).
A draft document, complete w
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