“The European Commission insisted on Friday that the 6,000 banks in the euro area be centrally supervised to prevent future financial crises. The proposal is expected to give the European Central Bank the power to withdraw banking licenses and order other adjustments, representing a sharp turn away from national controls. The proposal stops short of allowing the central bank to wind down problem banks, leaving that function to national regulators. But some Germans are highly sensitive about giving up authority over their large public banking system, which is partly controlled by states, districts and cities.”
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