An Encouraging Start for the ECBs Big Bank Review
Nicolas Veron (October 24, 2013) The European Central Bank (ECB) just announced its planned review of the largest banks in the euro area, before assuming direct supervisory authority over these banks in early November 2014. (March 1, 2014, had been initially envisaged as the date for this transfer of authority from the national to the European level, but various institutional squabbles have delayed it by eight months.) This communication marks the concrete start of a yearlong review process that will be the make-or-break test for Europes banking union, which itself is arguably the most important structural change the crisis has prompted in Europe so far.