MEPs and governments have reached a deal on legislation giving the European Central Bank (ECB) new powers to directly supervise the European banking sector.
Under an agreement struck on Tuesday (19 March) the ECB will supervise an estimated 150 banks, including all institutions with balance sheets holding over €30 billion as well as the three biggest banks in each country.
The supervisory powers include the ability to withhold a banking license, approve mergers or acquisitions as...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.