Plan Grants ECB New Powers to Issue Banking Licenses in EU
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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.
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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