Tuesday, October 15, 2013 12:27 pm
News Summary: EU OKs joint banking supervisor
By The Associated Press
FINAL HURDLE: Finance ministers at a meeting in Luxembourg cleared the final legal hurdle to the establishment of the new banking supervisor, which will be operated by the European Central Bank and directly oversee the bloc's 130 biggest banks.
NOW HIRING: The so-called single supervisory mechanism will be based with the ECB in Frankfurt, Germany, and will start recruiting about 1,000 new staff. It is due to be operational late next year after assessing European banks' balance sheets through a stress test that will identify possible capital shortfalls.