Draghi defends banking union

New European Central Bank powers to oversee Eurozone banks will help restore confidence in the sector and revive interbank lending, boss Mario Draghi said yesterday. “The single supervisory mechanism will contribute to restoring confidence in the banking sector across the euro area," he said. The new body will automatically oversee around 150 of the currency bloc’s 6,000 banks to start with, and will have authority to intervene if others show signs of trouble.