A single supervisor to rule them, a single central bank to recapitalize them June 29, 2012 at 10:02 am

From the Euro area summit statement:

We affirm that it is imperative to break the vicious circle between banks and sovereigns. The Commission will present Proposals… for a single supervisory mechanism shortly… When an effective single supervisory mechanism is established, involving the ECB, for banks in the euro area the ESM could… have the possibility to recapitalize banks directly.

Mario, Fran├žois and Mariano win this round.

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