EU parliament approves bank supervision system

The European Parliament Thursday gave the green light to the EU bank supervision system which will bring some 150 of the EU's largest banks under the European Central Bank's direct oversight from September 2014. The system, which will be compulsory for the 17-Eurozone members, will be open to all other EU member states, noted an EP press release. The new oversight system involves the transfer of considerable bank supervisory powers from national to EU level. To enhance accountability, European Parliament will have the joint power with Council of the EU to approve the Chair and Vice-Chair of the supervisory board as well as to request their removal