EU finance ministers have agreed to set up a banking supervisor with powers over Eurozone banks.
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It’ll see the European Central Bank keep a direct eye on around 200 of the biggest lenders in the single currency area.
And the ‘Single Supervisory Mechanism’ will also allow Eurozone rescue funds to be used to directly recapitalise struggling banks.
The deal was reached after 14 hours of talks in Brussels, and comes ahead of a summit of EU leaders later.
