Brussels pushes for wide ECB powers

Article discusses proposals circulating in the late summer of 2012 for moves towards a 'banking union' amongst eurozone countries.

In particular, the article discusses draft proposals from the European Commission likely to be launched on the 12 September 2012 in the European Commission's State of the Union 2012 speech.

A new single banking supervisor would be the most significant change in eurozone financial governance since the single currency’s creation

Under these proposals the European Central Bank would be given sweeping authority over all 6,000 eurozone banks. These proposals would put the Commission on a collision course with Germany and the ECB itself, which have urged a more decentralised first step towards 'banking union'.

ESO: Background information: Brussels to lay out banking union plan by early September http://www.europeansources.info/record/brussels-to-lay-out-banking-union-plan-by-early-september/

EUObserver, 30.8.12: EU commission gears up for banking union legislation http://euobserver.com/political/117378

EurActiv, 31.8.12: Brussels wants all eurozone banks under ECB watch http://www.euractiv.com/euro-finance/brussels-wants-eurozone-banks-ec-news-514535

The Guardian, 30.8.12: Banking union is the key next step for eurozone integration http://www.guardian.co.uk/business/economics-blog/2012/aug/30/eurozone-integration-banking-union

European Commission: RAPID: MEMO/12/478 http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/478&format=PDF&aged=0&language=EN&guiLanguage=en

European Commission: RAPID: SPEECH/12/578: José Manuel Durão Barroso President of the European Commission Speech by President Barroso at the Alpbach Economic Symposium: "Overcoming the Crisis by Strengthening Europe" Alpbach Economic Symposium/Alpbach 30 August 2012 http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/578&format=PDF&aged=0&language=EN&guiLanguage=en

EUObserver, 31.8.12: Banking union to put 6,000 banks under ECB supervision http://euobserver.com/economic/117388

BBC News, 31.8.12: Brussels pushes for ECB supervision of eurozone banks http://www.bbc.co.uk/news/world-europe-19438439

EurActiv, 4.9.12: Brussels, Berlin bicker over scope of banking union http://www.euractiv.com/euro-finance/scope-banking-union-remains-thor-news-514590

EUObserver, 4.9.12: The battle for banking union http://euobserver.com/economic/117402

EurActiv, 10.9.12: Banking union leak points to sweeping powers for ECB http://www.euractiv.com/euro-finance/banking-union-leak-points-sweepi-news-514680

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