EU Finance Chiefs Reach Agreement on ECB Supervision

European Union finance ministers have reached a “historic agreement” on joint banking supervision, Financial Services Commissioner Michel Barnier said today in a message on Twitter.

The deal will create a bank supervisor at the European Central Bank to oversee financial institutions in the euro zone and other EU nations that choose to participate. Negotiations with the European Parliament are expected to begin next week, according to Cyprus, which holds the EU’s rotating presidency.

The decision was unanimous, said Jonathan Faull, an aide to Barnier, also in a Twitter message.

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