Commission wants ECB to supervise all euro banks
STRASBOURG, France (AP) -- The European Commission wants the European Central Bank to be the supervisor for all the banks in the 17 countries that use the euro and have the power to fine institutions.
The creation of a single supervisor for banks would be an important step toward a "banking union" -- a unified playbook for all of the 6,000 banks in the eurozone that many think is necessary to dig the continent out of a crippling debt crisis.
The proposal unveiled Wednesday also would give the ECB the ability to issue -- and take away -- banking licenses, approve large mergers and acquisitions and investigate banks.
The commission's plan needs to be approved by the European Parliament and the Council, where all 27 countries of the European Union are represented.