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News Summary: EU backs central bank oversight

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The Associated Press | September 12, 2013 03:44 PM EST | AP


BANK OVERSIGHT: European lawmakers approved legislation Thursday that will centralize oversight of Europe's largest banks, a key step in their plan for stabilizing the bloc's financial system. It would be anchored by the European Central Bank.

PRODUCT OF CRISIS: The supervisory system is part of the reaction to the 17-nation eurozone debt crisis that erupted three years ago. The system will be up and running next year following a thorough stress test of banks' balance sheets.

THE GOAL: Proponents of the plan want to make the supervision and rescue of banks the job of European institutions rather than leaving weaker member states to fend for themselves.