European Council approves ECB's single supervisory mechanism

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The European Council has signed off on the creation of the single supervisory mechanism (SSM), a pillar of banking union that will put the European Central Bank (ECB) in charge of overseeing the health of the continent's biggest banks, the institution said today.

The SSM was passed by a wide margin in the European Parliament last month, but only after tense negotiations between European parliamentarians and the ECB over several legal provisions pertaining to democratic oversight.

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