REUTERS: The European Union reached a landmark deal on Thursday to make the European Central Bank the bloc’s top banking supervisor, giving EU leaders greater confidence that they are gaining the upper hand over the euro zone’s debt crisis…
After a hectic year of crisis management, during which Greece had a close brush with the euro zone exit, getting an agreement on the first stage of a banking union is a victory for the EU and represents a bold step towards pooling sovereignty.
“The importance of the deal cannot be assessed too highly,” German Chancellor Angela Merkel, Europe’s most powerful leader, told parliament in Berlin before heading to Brussels. “We succeeded in securing Germany’s key demands.”… (more)
