Major part of banking union set for mid-2014, says ECB official

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A major part of Europe's banking union will take effect by the middle of 2014, Ignazio Angeloni, director-general of the European Central Bank's financial stability directorate, told delegates this morning at the Risk Annual Summit in London.

The timetable for the new single supervisory mechanism (SSM) – in which the European Central Bank (ECB) takes on some oversight responsibilities for large, cross-border banking groups – became a little clearer yesterday after negotiators from the European

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