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EU agrees new ECB banking supervisory role

Published on Dec 13, 2012 11:41 AM
Spain's Economy Minister Luis de Guindos listens to Austria's Finance Minister Maria Fekter (R) during an European Union finance ministers meeting in Brussels Dec 12, 2012. Germany signalled it was ready to back plans for the European Central Bank to be made the chief supervisor of banks, raising the prospect of a breakthrough on the European Union's most ambitious financial reform. -- PHOTO: REUTERS

BRUSSELS (REUTERS) - European Union countries have agreed to allow make the European Central Bank the chief supervisor for banks in the euro zone, EU officials said on Thursday.

"There is a deal," said one EU official.

The new system of supervision should be up and running by the end of next year although ministers agreed that this could be delayed if the ECB needs longer to prepare itself.