EU to Introduce Single Banking Supervisor for Eurozone
Friday, 19 October 2012 07:43
Posted by David Icke

'European Union (EU) leaders have agreed to create a single supervisory body for eurozone banks next year, a crucial step in breaking the vicious circle between banks and sovereign governments, officials say.
European Commission Spokesman Olivier Bailly said there had been an "agreement on a political framework for the end of 2012 and a gradual implementation in 2013" for the new EU single supervisory mechanism (SSM) for banks. The mechanism allows struggling banks to be recapitalized directly by the currency area's rescue fund without adding to government debt.'
Read more: EU to Introduce Single Banking Supervisor for Eurozone
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