19-3-2013 — /europawire.eu/ — The Irish Presidency has today (Tuesday 19th March) reached provisional agreement with the European Parliament on the single EU bank supervisor.
The creation of this supervisor is a major step towards banking union, restoring confidence in the European banking system and building stability across Europe. The setting up of the supervisor will also pave the way for the European Stability Mechanism (ESM) to take on the direct recapitalisation of banks.
The Irish Minister for Finance, Michael Noonan, welcomed the deal saying
The Single Supervisor is the core element of banking union and a vital step in breaking the vicious link between the banks and the sovereigns. Restoring confidence in the supervision of European banks couldn’t be more important in
bringing stability to Europe.
The provisional agreement reached today includes strengthened democratic accountability and a greater role for the European Parliament in the appointment of the Chair and Vice Chair of the Supervisory Board. The agreement also confirms the unanimous position of the Council, agreed in
December, on the core balance of rights between participating and non-participating member states.
The provisional agreement the Presidency reached today with the European Parliament will now have to be endorsed by all Member States. There will also be some final technical revisions to the text.
###
(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) is bolstering micro, small, and…
(IN BRIEF) Bentley Motors introduced its new Compact Full Spectrum Driving Simulator, set to be…
(IN BRIEF) Kapsch TrafficCom AG has successfully divested assets not aligned with its strategic core…
(IN BRIEF) GTT and PipeChina Engineering Technology Innovation Co. Ltd (PipeChina Innovation) have signed a…
(IN BRIEF) Alfa Laval is part of the consortium Molten Salt Storage (MOSS), funded by…
(IN BRIEF) Rheinmetall has secured significant new orders for its plug-and-play heat pump solution, signaling…