New banking rules agreed by Eurozone

13 Dec, 2012

New rules for the supervision of banks have been agreed by Eurozone finance ministers.

The rules will mean that the European Central Bank will be responsible for overseeing the activities of approximately 200 of the biggest players – banks with over €30bn in assets – in the European banking sector.  

The agreement will be out under the scrutiny of leaders at an EU summit later today (13th December).

The rules are being hailed as a milestone in the journey towards boosting the Euro, and a move closer towards a union of all European banks.

According to the BBC, EU Commissioner Michel Barnier, said: “Piece by piece, brick by brick, the banking union will be built on this first fundamental step today.”

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