Bundesbank wants treaty change for banking union

In its July 2013 report, the Bundesbank welcomed the creation of the banking union, which will pool the supervision of large banks at eurozone level and will, at a later stage, have the power to tell banks to close down if they run into trouble.
However, the Bundesbank wants an EU treaty change as soon as possible to put the banking union on a solid legal base. The Bundesbank is concerned about the mix of powers that the European Central Bank (ECB) will have once it takes over supervision of banks in 2014.