News Summary: EU official urges greater union

AP News
Posted: Sep 12, 2012 2:14 PM
News Summary: EU official urges greater union

FINANCIAL UNION: European Union officials are asking national governments to give up control of their banks as they try to pull the region closer together to solve its crippling financial crisis.

ONE REGULATOR: The European Commission, the EU's executive arm, proposed Wednesday to make the European Central Bank the single supervisor for all 6,000 banks in the 17 countries that use the currency.

GET READY FOR MORE: Jose Manuel Barroso, the Commission's president, warned that giving up control of banks would be just the start and that countries would have to get used to handing over powers to Europe in order to solve the region's debt problems.