EU Leaders Agree To Overseer For Banks

At a summit in Brussels, the European Union agreed to create a single overseer for its 6,000-plus banks. The move is seen as an important step in preventing future financial meltdowns. The European Bank will lead the efforts and the new overseer will have the power to intervene in any bank in the 17 eurozone countries.

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DAVID GREENE, HOST:

A deal in the eurozone begins NPR's business news today.

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GREENE: At a summit in Brussels, the European Union agreed today to create a single overseer for its 6,000-plus banks. The move is seen as an important step in preventing future financial meltdowns. The European Bank will lead these efforts and the new overseer will have the power to intervene in any bank in the 17 eurozone countries.

The French-initiated deal was a compromise. Germany had wanted to focus first on an effort to improve national budget discipline.

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