Europe passes legislation to install ECB as single supervisor

By Will Caiger-Smith
12 Sep 2013

The European Parliament on Thursday took the final legislative step to legally appoint the European Central Bank as single supervisor for banks in the eurozone, the first pillar of the single market’s grand plan for European Banking Union.

The legislation to set up the single supervisory mechanism (SSM) contains a European Council regulation to entrust specific tasks related to financial stability and banking supervision to the ECB. 

It also contains a joint regulation from the Parliament and the Council designed to align the existing regulation on ...

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