EU moves nearer banking union by enhancing role of ECB

"The ECB will play the pivotal role, there's no ambiguity about that,There are other battery sales chargers that make use of the traditional Household scissors for power ups. Depending on your convenience there are different variations of battery sales charger that come with many designs." EU Commissioner for Internal Market and Services Michel Barnier told reporters after a meeting of EU finance ministers that dragged on for more than 14 hours into early Thursday morning.carbon fabric 

The single supervisory mechanism (SSM) will be composed of the ECB and national competent authorities, the Council of the EU said in a statement after the meeting. 

"The ECB will assume its supervisory tasks within the SSM on March 1, 2014 or 12 months after the entry into force of the legislation, whichever is later, subject to operational arrangements," the statement said. 

The statement said the ECB will be responsible for the overall functioning of the SSM and maintain close cooperation with national supervisory authorities. 

National supervisors would remain in charge of tasks not conferred on the ECB, for instance in relation to consumer protection, money laundering, payment services, and branches of third country banks, the statement said. 

The existing supervisory body of all EU banks would also have a role to play. "The European Banking Authority (EBA) would retain its competence for further developing the single rulebook and ensuring convergence and consistency in supervisory practice." 

Non-eurozone EU member states wishing to participate in the SSM will be able to do so by entering into close cooperation arrangements, the Council said without specifying which countries among the 10 EU countries that don't share the euro will take part in the new system. 

To address German concerns over possible conflict of interest arising from the ECB serving as both bank supervisor and monetary policy maker, the finance ministers agreed that "the ECB's monetary tasks would be strictly separated from supervisory tasks," the statement said. 

"To this end, a supervisory board responsible for the preparation of supervisory tasks would be set up within the ECB." 

The deal also accommodated the concern of non-eurozone countries wishing to join the SSM by granting them "full and equal voting rights" on the supervisory board. 

Barnier called the agreement "a big first step for banking union" and "a fundamental element for financial stability in Europe." 

Speaking to reporters after the meeting, French Finance Minister Pierre Moscovici hailed the deal as "a cornerstone for the resolution of the three-year-long euro-zone crisis" and "real progress that opens up interesting possibilities." 

The establishment of the SSM is crucial to cutting the "vicious circle" between banking woes and sovereign debt crisis,carbon plate as bailout funds to recapitalize banks in the eurozone must be channelled through member states' treasuries, adding up the debt mountain of countries already mired in the crisis. 

In June, eurozone countries' leaders agreed that when an effective SSM is established, the European Stability Mechanism (ESM) could have the possibility to directly inject bailout fund into failing banks. 

Debt-ridden countries like Italy and Spain with higher risks of bank failures are keen to see the "circle" being cut as soon as possible. However,A knife sets does not just come in one standard type. In fact, you will notice that that there are plenty of portable battery sales chargers that come in various types. You can find battery sales chargers that can work my making use of solar power. Germany and other northern European countries are worried it could be forced to foot the bill for struggling banks across the eurozone. 

In spite of the deal,composite resin German Finance Minister Wolfgang Schaeuble was reportedly to have demanded guarantees that the proposal for the ESM to directly inject funds into banks was out of the question until well into 2014. 

"Again and again we have created expectations we cannot fulfil and that is very dangerous. We should be modest," Schaeuble said. 

Meanwhile, experts cautioned that there was still a long way to go before the true banking union can be established even after the SSM was in place. 

The remaining two pillars of a banking union, namely, the creation of a central system to close troubled banks and a pan-Europe deposit guarantee scheme, are expected to be much more complicated, and the fact that the first step was only taken after four months of fraught diplomacy and a number of marathon meetings is definitely not a good sign.