EU Commission to propose single banking supervision mechanism on 11 Sept 2012

The EU Commission has issued a press release to the effect that, on 11 September 2012 (date still to be confirmed), it will present proposals for a single banking supervision mechanism in the euro area, focused around the European Central Bank.

The Commission expects the proposals to be adopted by the end of the year, in order for the new system to enter into force early in 2013.  It sees integrated EU banking supervision as the first step towards a true EU “banking union” involving common deposit guarantee systems and recovery and resolution plans.

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