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Agreement reached on banking union: will protect EU single market

An agreement has today been reached between MEPs and national governments on proposals to create a single supervisor for cross-border Eurozone banks.

An agreement has today been reached between MEPs and national governments on proposals to create a single supervisor for cross-border Eurozone banks. European Conservatives and Reformists group lead negotiator on the proposal Kay Swinburne MEP has said she is pleased that her main aims have been delivered: namely preventing the eurozone nations from caucusing when it comes to rule-making over all EU banks, and ensuring a clear separation between the European Central Bank’s supervisory and monetary roles to ensure its independence.

In particular, decisions in the European Banking Authority will be made according to a double voting system that will require a simple majority within both eurozone and non-eurozone countries before they can be enforced.

Speaking after the agreement was reached, she said:

“The agreement reached today ensures that countries not in the banking union or eurozone are able to fully participate in and determine decisions that affect their financial and economic interests.

“This is a powerful signal that it is possible to allow the eurozone to integrate further without harming the foundation of the EU’s single market.”

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