BRUSSELS, EUROPE - European finance ministers have reached a deal on rules for supervising eurozone banks ahead of an EU summit. Around 200 of the biggest banks will come under the direct oversight of the European Central Bank, which will act as chief supervisor of eurozone banks. The agreement - a key step towards banking union - will be put before European leaders later on Thursday.
Gavin Hewitt, BBC Europe editor wrote:
In the middle of the night, Europe's finance ministers took another major step towards closer integration. The ECB will have sweeping new powers and ultimately it will allow the EU's main rescue fund to channel aid directly to struggling banks.
For countries like Spain this could prove a significant lifeline. For these measures are not just about oversight, they are about breaking the loop where the failures of banks ended up on the books of governments, so increasing national debt. This deal represents another significant transfer of authority away from national governments to a European institution. It is yet a further example of how the eurozone crisis is carving out a new Europe less from choice but more by the need to survive.
“Just what is an APOSTLE?”
Today we find the Church of God in a “wilderness of religious confusion!”
The confusion is not merely around the Church – within the religions of the world outside – but WITHIN the very heart of The True Church itself!
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