The European Union took a step closer to a single banking supervisor this week as members of parliament approved draft legislation to set up the unified system.
The plan calls for the European Central Bank (ECB) to have direct supervision of Europe’s largest banks as well as influence over the supervision of other banks. Members approved the idea during the plenary session this week in Strasbourg. However, members of parliament are withholding their final approval on the proposal until detailed rules on accountability can be ironed out with the European Central Bank.
