Home/FX/Newsfeed

Europe Closer to Banking Union ECB Granted New Powers

Share Print 0

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.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top