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EU finance ministers agree to set up 'banking supervisor'

The supervisor will have powers over eurozone banks

EU finance ministers agree to set up 'banking supervisor'
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Sandra Roche
08:17 Thursday 13 December 2012

It'll see the European Central Bank keep a direct eye on around 200 of the biggest lenders in the single currency area.

And the 'Single Supervisory Mechanism' will also allow eurozone rescue funds to be used to directly recapitalise struggling banks.

The deal was reached after 14 hours of talks in Brussels, and comes ahead of a summit of EU leaders later.

One Finance Minister compared the agreement overnight to a 'Christmas present for the whole of Europe'.

Gareth McCluskey of Davy Stockbrokers expects the markets to react positively to the development:

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