Eurozone: Banking Union Approved

Politics ♦ Published: October 16, 2013; 19:05 ♦ (Vindobona)

From autumn 2014 on, the European Central Bank (ECB) will directly supervise 130 major banks within the Eurozone.

Eurozone: Banking Union Approved / Picture: ©

The EU Finance Ministers came to the expected conclusion during their meeting in Luxembourg on Tuesday. After the green light was given by the officials, now the preparation works will start, for instance the recruting of around 1,000 employees and the search for a location for the authority.

The Banking Union was established to avoid major, systematically relevant banks getting…