Irish Presidency secures landmark deal on single bank supervisor

EU News 138/2013

19 March 2013

Single Supervisor is first big step towards banking union

The Irish Presidency has today reached provisional agreement with the European Parliament on the single EU bank supervisor.

The creation of this supervisor is a major step towards banking union, restoring confidence in the European banking system and building stability across Europe. The setting up of the supervisor will also pave the way for the European Stability Mechanism (ESM) to take on the direct recapitalisation of banks.

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The provisional agreement reached today includes strengthened democratic accountability and a greater role for the European Parliament in the appointment of the Chair and Vice Chair of the Supervisory Board. The agreement also confirms the unanimous position of the Council, agreed in December, on the core balance of rights between participating and non-participating member states.

Source and additional information:
http://www.eu2013.ie/news/news-items/20130319ssmagreementen/

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