Plan Grants ECB New Powers to Issue Banking Licenses in EU

August 31, 2012 7:11 AM EDT
Under a proposed EU plan, the ECB would have sole power to grant banking licenses and will be given supervisory powers that will help it create a euro zone banking union.

Expected to be revealed on Sept. 12th, the new proposal will also give the ECB discretion over which banks to supervise directly, including banks that pose a systemic risk and excluding smaller banks. National regulators will retain control over some aspects of bank regulation such as when and how to close a bank.

The plan is currently being drafted by the European commission.

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Michael Caliazzo on 2012-09-02 14:16:30
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Michael Caliazzo on 2012-09-02 14:15:15
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