EU Central Bank Gains Power To Supervise Banks To Build A Union

European lawmakers announced it is newly allowing the European Central Bank to supervise about 6,000 euro zone banks, which represents the first stages of rebuilding the regional bloc’s flagship banking union, reported The New York Times. The majority of European Parliament members approved the ruling that grants the ECB in Frankfurt the power to oversee these banks spread across the 17 countries in the euro zone.

“Today marks a real step forward in setting up a banking union,” stated the ECB President, Mario Draghi.

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Additionally, Draghi explained that the central bank would move forward quickly with hiring new staff and building the institutional facility to control the banks.

Read the full story here.

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