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Latest Draft Gives ECB Supervision of Smaller Banks
The European Central Bank once again was given the upper hand in overseeing the supervision of smaller financial firms, in the latest draft of the legislation for Europe's new bank supervisor, according to a document seen by The Wall Street Journal Wednesday. The latest text, dated Oct. 31, is part of an ongoing debate among European governments over how to set up the region's new bank supervisor, which is due to get up and running next year. Officials have been meeting in Brussels every two weeks to iron out a range of disagreements over how the new supervisor will work. They include how to ensure noneuro-zone ... (full story)