European Central Bank Wants Sole Supervisor Role

Law360, New York (November 28, 2012, 7:01 PM EST) -- Promising to restore confidence in the financial sector, the European Central Bank on Wednesday said it intends to assume the mantle of sole supervisor of eurozone banks and that legal authority already exists for it to take on the new role.

In a legal opinion, the ECB said it’s aiming for full implementation of the expanded powers by 2014 and that establishing a single supervisor would reinvigorate interbank lending and cross-border credit flows.

Although some observers have questioned the ECB’s authority to claim such powers, the...
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