Looks like a green light on European joint banking supervision

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FranceEuropean Union Finance Ministers are set to give the green light to the creation of a centralised banking supervisor. Joerg Asmussen a European Central Bank Executive is quoted, referring to the attempt to stabilize and synchronize the EU’s financial system as saying ‘it’s a very important day’. The decision from the 28 countries’ Financial Ministers is seen as marking the final legal step to the establishment of the new banking supervisor and is due to be up and running within a year. Along with this the ministers will also be discussing establishing a common fund which will be used to pay for the restructuring or bailouts of troubled banks as a last resort.