Europe took a significant step forward in its ambitions to create a single banking framework for the euro zone on Thursday after EU lawmakers granted new powers to the European Central Bank to oversee the currency bloc’s banks.
The plan approved by an overwhelming majority of the European Parliament will allow the ECB in Frankfurt to oversee around 6,000 banks in the 17 euro zone countries.
While Thursday’s vote completes the last legislative step towards ECB supervision, many more challenging obstacles remain before banking union – which also hopes to establish a single euro zone authority to wind up bad banks – is finalized.
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