Arab Today, arab today parliament approves euwide banking supervisor
Last Updated : GMT 16:00:08
Arab Today, arab today
Arab Today, arab today

Parliament approves EU-wide banking supervisor

Arab Today, arab today

Arab Today, arab today Parliament approves EU-wide banking supervisor

Strasbourg - AFP

European lawmakers Thursday agreed the first step in an ambitious EU banking union scheme, giving the European Central Bank the power to oversee the eurozone\'s biggest banks. The legislation, agreed by 556 votes in favour and 54 against, will enable the ECB to take over centralised bank supervision in a year following stress tests of banks\' balance sheets. The step is the first pillar in a wider plan towards safer and more accountable banking. It had been broadly agreed in March by members of the 17-nation eurozone and Parliament but had not been put to the vote. The banking supervisor will directly oversee 150 of Europe\'s biggest banks, including most bank assets in the 17-country eurozone. Other nations in the 28-member European Union that do not use the single currency will be able to opt in later. In Riga, ECB president Mario Dragi welcomed the vote on the Single Supervisory Mechanism (SSM). \"The ECB and the Parliament share a common purpose in ensuring proper accountability arrangements for the SSM,\" he said. MEPs had postponed this week\'s vote by 48 hours, demanding more transparency and control, including a say in approving the chair and vice-chair of the supervisory board and the possibility of launching probes into possible errors. Individual MEPs will also be able to question the supervisor in writing and receive a rapid reply. The parliament also insisted on the strict division of ECB staff between monetary policy and supervision. The European Parliament green light \"is a lynchpin of a deeper economic and monetary union,\" said European Commission President Jose Manuel Barosso. \"Now our attention must turn urgently to the Single Resolution Mechanism,\" he said, referring to the second pillar in the scheme for banking union. The resolution mechanism would give the Commission the power to shut down any of the eurozone\'s 6,000-plus banks even if national authorities disagreed. In the past, failing banks have sapped government coffers and sent nations such as Ireland rushing for assistance. Banking union would shift the burden of dealing with failing banks from taxpayers with new rules forcing creditors to take losses and a resolution fund created through mandatory levies on the banks. But there is scepticism in Germany about whether the mechanism is compatible with current EU treaties. The EU\'s Internal Markets Commissioner Michel Barnier said that \"with this key piece of legislation, we are not only strengthening our banks and the financial stability of the eurozone, we are also strengthening economic integration.\" Saying it will be five years this week since Lehman Brothers filed for bankruptcy, triggering the biggest global financial crisis in modern history, Barnier said the supervisory mechanism was an essential part of \"rules to better protect European citizens and to prevent future crises.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today parliament approves euwide banking supervisor Arab Today, arab today parliament approves euwide banking supervisor

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum

GMT 10:20 2017 Thursday ,16 February

New Zealand's Spark rings up interim profit rise

GMT 05:40 2017 Thursday ,16 February

Stocks rise on Yellen’s positive US outlook

GMT 05:34 2017 Thursday ,16 February

‘Protectionism, populism threaten euro zone’

GMT 04:51 2017 Thursday ,16 February

Oil pulls back after brief rally
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday