European Central Bank May Get Merger Veto in Banking Union Plan
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The European Central Bank would have veto powers over any bank mergers in nations that sign up to ECB-led supervision, under draft banking union rules designed to tame the euro-area’s debt crisis.
National supervisors would notify the ECB of a proposed banking acquisition at least 10 days before the deadline for a deal to be completed, according to a compromise plan obtained by Bloomberg News.