The European Parliament has given the go-ahead for the creation of the single supervisory mechanism for banks in the euro area under the aegis of the ECB, which is expected to come into force in a year's time. The approval follows the negotiations that took place with the central bank, in particular between the presidents of the two institutions, Martin Schulz and Mario Draghi.
Under the terms of the agreement, the ECB will have to present to Parliament the most important information revealed in the minutes by the supervisory authority. It will also be up to Parliament to appoint the number one and number two of the new authority.
