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Belgium's Dexia, bailed out twice: The ECB supervision should prevent taxpayers' money being used again in bank rescues. (Photo: Valentina Pop)

Banking union to put 6,000 banks under ECB supervision

The European Central Bank will have the "ultimate decision-making authority" on supervising 6,000 euro-area banks, with some day-to-day tasks delegated to national bodies, a commission spokesman has said.

"There is a clear need to cover all banks through a single supervisory mechanism, for all 6,000 banks of the euro-area," Stefaan De Rynck, spokesman for financial issues said during a press conference on Friday (31 August).

The commission will table proposals on 12 September on...

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Belgium's Dexia, bailed out twice: The ECB supervision should prevent taxpayers' money being used again in bank rescues. (Photo: Valentina Pop)

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