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EU Commission pushes banking union plan

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EU Commission pushes banking union plan

EU Commission pushes banking union plan
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In Brussels, the EU’s economic and monetary chief Olli Rehn has said the European Commission is working at lightening speed to push through its plans for a banking union. Addressing MEPs, Rehn said such a step was key to resolving the eurozone’s current crisis.

‘‘Moving the supervision of banks to the European level, as well as the envisaged further steps towards establishing a fully fledged banking Union are necessary measures to ensure the stability of the integrated European economy and break the negative feedback loop between sovereigns and banks.’‘

The Commission says its latest plan should be ready by next month. That is expected to call for the ECB to directly supervise the bloc’s banking sector, under a new mechanism which would replace national regulators.