EU Agrees To Central Bank Regulator Amid Debt Struggles

Law360, New York (December 13, 2012, 4:03 PM EST) -- European Union finance ministers on Thursday agreed to a new regime that will see eurozone banks put under the supervision of a central regulator, a key step to creating a European Banking Union and allowing direct bailouts of banks struggling with the continent's ongoing debt crisis.

Under the Single Supervisory Mechanism, agreed to after 14 hours of negotiations, the European Central Bank would oversee the operations of any bank holding at least €30 billion, or approximately $39 billion, in assets in the 17 countries on the...
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