European lawmakers Thursday agreed the first step in an ambitious EU banking union scheme, giving the European Central Bank the power to oversee the eurozone's biggest banks.
Mario Draghi, President of the European Central Bank (ECB) attends a press conference in Frankfurt/Main on September 5, 2013. European lawmakers agreed the first step in an ambitious EU banking union plan, by transferring the power to supervise the eurozone's biggest banks to the ECB in a year.
The legislation, agreed by 556 votes in favour and 54 against, will enable the ECB to take over centralised bank supervision in a year following stress tests of banks' balance sheets.
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