EU OKs Legislation Approving Central Bank Oversight

Law360, New York (September 12, 2013, 1:30 PM EDT) -- The European Parliament on Thursday approved legislation to bring the eurozone's largest banks under the supervision of a central regulator, inking a crucial step in creating a European banking union to strengthen the region's financial stability.

Under the single supervisory mechanism, the European Central Bank will directly supervise any bank in the 17-country euro area holding at least €30 billion, or approximately $39 billion, in assets, as well as any bank with assets totaling 20 percent or more of their home country's gross domestic product....
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