European bank supervisory to be operational from March 2014
BRUSSELS (Reuters) - A new system to supervise banks in the euro zone will be up and running from March 1, 2014, German Finance Minister Wolfgang Schaeuble said on Thursday.
"We have reached the main points to establish a European banking supervisor that should take on its work in 2014," he told reporters following more than 14 hours of talks in Brussels, adding its job should start on March 1.
Schaeuble said legislation for the bank supervision led by the European Central Bank would be finalized following talks with the European parliament by February 2013, leaving the ECB one year to prepare for its new task.
- Mexican train derails, stranding 1,300 migrants headed toward U.S.
- Texas man charged with capital murder for shooting dead six |
- Palestinian death toll rises to 77 as Israel hits Gaza over rocket fire |
- Wall St. drops on Portugal bank worry; losses pared
- Berlin tells CIA station chief to leave in spy scandal