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E.U. Pushes for Centralized Supervision of Banks
The European Commission insisted on Friday that the 6,000 banks in the euro area be centrally supervised to prevent future financial crises, even though leading German politicians expressed skepticism about the breadth of the plan. The proposal, which the commission said it would formally present on Sept. 12, is expected to hand the European Central Bank the right to withdraw banking licenses and the power to order other adjustments, representing a sharp turn away from national controls. The proposal stops short of allowing the E.C.B. to wind up problem banks, leaving that function to national regulators. A main ... (full story)
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