In the biggest advance in European integration since the launch of the euro in 1999, the European Central Bank will take charge of supervising banks from Helsinki to Lisbon in November after subjecting their books to unprecedented scrutiny. The aim is to restore confidence in the euro zone's banks, battered by the 2007-8 global financial crisis and the currency area's own debt crisis, and help revive lending to businesses and households, especially in stricken southern Europe. Many economists say Europe is at least five years behind the United States in cleaning up its banks, which explains in part why the euro zone's economic recovery is so slow and fragile.
via Business News http://ift.tt/1zMwG11
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