ECB to oversee Eurozone banks

City A.M. Reporter
THE European Commission, the executive arm of the European Union, plans to give the European Central Bank oversight of all banks in the Eurozone, German paper Sueddeutsche Zeitung reported, citing EU Commissioner Michel Barnier.

Under the plans, the ECB will oversee all banks that have tapped the European Stability Mechanism from January next year, all banks relevant to the financial system from July and all remaining banks from 2014.