Green light for single supervisor for banks from Sep 2014

The European Parliament gave approval for the new EU bank supervision
system which will bring some 150 of the EU's largest banks under the European
Central Bank's direct oversight from September 2014.  The proposed system's transparency and accountability has been strengthened by the Parliament
and MEPs have tasked the European Banking Authority to develop supervisory
practices which national bank supervisors should follow.  The legislation
also calls for:

• better access to documents for the supervisory authority vis-à-vis banks;
• strict division of European Central Bank staff between monetary policy and supervision; and
• “establishing a more uniform culture of bank supervision at the same time as upholding the diversity of the EU banking sector.”

Related Link:

http://www.europarl.europa.eu/pdfs/news/expert/infopress/20130906IPR18829/20130906IPR18829_en.pdf