The European Union on Thursday agreed to make the European Central Bank its top banking supervisor, "giving EU leaders confidence that they are gaining the upperhand over the euro zone's debt crisis." Officials said the ECB would regulate some 150 to 200 banks directly, mostly major cross-border systemic lenders and state-aided institutions, with the power to delve into all 6,000 banks in case of problems. The complex process, however, could take several years and will require "political commitment from euro zone and non-euro members alike, something that countries such as Britain, with a restive Eurosceptic population, will find particularly stressful."
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- It's official: The religious right is calling it quits
- 43 TV shows to watch in 2014
- Obama just kneecapped Jeb Bush and Chris Christie's 2016 prospects
- How science is accelerating our search for alien life
- 6 tiny scientific mistakes that created huge disasters
- The Hunger Games: Mockingjay — Part 1: 10 major differences between the book and the movie
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- The dangerously childish morality of liberal ObamaCare supporters
- The myth of the stay-at-home dad
- Inside Turkey's shadow war with ISIS
Subscribe to the Week