Monday June 1, 2020

ECB may get monopoly on bank licensing

The European Central Bank would have the sole power to grant banking licences under proposals to build a euro-area banking union, Bloomberg News has reported.

31st August, 2012
ECB headquarters, Frankfurt

The European Central Bank would have the sole power to grant banking licences under proposals to build a euro-area banking union, Bloomberg News has reported.

Citing a European Union official, Bloomberg said ECB would be given this monopoly under a plan being drafted by the European Commission.

The ECB would also gain discretion over which banks to supervise directly and when it will delegate day-to-day oversight responsibilities.

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