EU Central Bank Wins Watchdog Power Amid Cyprus Crisis

Law360, New York (March 19, 2013, 3:47 PM EDT) -- The European Union reached a deal Tuesday setting parameters for the European Central Bank's oversight of large eurozone banks, a key step toward establishing a common banking union even as Cyprus rejected a proposed bank bailout that included a levy on deposits.

The European Parliament announced the agreement with countries that use the euro that will see national bank regulators and parliaments have more say over the European Central Bank's regulation of banks with at least €30 billion ($39 billion) in assets.

Under the agreement, the...
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