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The deal is a mere re-affirming of an earlier agreement reached in June (Photo: The Council of the European Union)

EU bank supervision to come to life next year

EU leaders in the early hours of Friday (19 October) agreed that a eurozone banking supervisor should come into life next year, opening the way for troubled banks to access bailout money directly.

The deal is little more than a reaffirmation of an earlier agreement reached in June.

The EU countries set an "objective" of drafting a legal blueprint for the new structure, which is to be embedded in the European central Bank (ECB), by 1 January 2013 and of launching the body "in the ...

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The deal is a mere re-affirming of an earlier agreement reached in June (Photo: The Council of the European Union)

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