FRANKFURT, Germany (AP) — The European Central Bank has launched its search for the person who will chair the new EU-level banking supervisory board.
The powerful new post is part of the response to the eurozone's crisis over government debt, in which troubled banks have burdened government finances. Banking rules are to be enforced by the ECB at the European Union level — instead of by national supervisors who can be reluctant to tackle problems in their home banks.
The board will consist of the chair, vice-chair, four ECB representatives and one representative of each country participating.
The candidate will face a hearing in the EU parliament and national governments must approve the appointment. The board begins work next year.
European officials are haggling over another key measure: an agency to restructure busted banks.