EU Recruits ECB to Lead Supervisors in Bank-Crisis Fight
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The European Union unveiled proposals for euro-area bank oversight that require unprecedented cooperation between the European Central Bank and national regulators.
The Frankfurt-based ECB should expand its role as financial-system guardian by becoming the top-level supervisor of every lender in the 17-nation currency bloc, EU officials said in interviews. At the same time, the central bank would depend on national regulators for day-to-day supervision and ensuring that banks comply with European rules, according to the proposals.