Europe: a single supervisory mechanisms for euro zone banks - Commission publishes legislative proposals

The European Commission published legislative proposals yesterday for the creation of a single supervisory mechanism for euro zone banks under which the European Central Bank will play a central role: see here. The proposed legislation consists of two Regulations - see here (pdf) and here (pdf) - together with a Communication in which the Commission sets out its overall vision for the creation of a banking union covering the single rulebook, common deposit protection and a single bank resolution mechanism: see here (pdf). For further information see: Commission press release and FAQs.