Transparency Deal on European Banking Union to be Voted Today

Head of the European Parliament Martin Schulz and European Central Bank (ECB) chief Mario Draghi reached a deal on September 10 on transparency regulations for the new supervisory watchdog, which will oversee operations at 150 of the Eurozone’s largest banks, reports EUobserver.

This informal agreement will go to a vote at the European Parliament today and is the “first step to creating the new authority called Single Supervisory Mechanism,” due to launch next year, continues the news website.

The row had centred on access to details about internal meetings held between officials working at the new watchdog. The ECB had first rejected Parliamentary demands that the Bank provide detailed minutes of meetings, insisting they would provide only summaries, but ultimately accepted to give a select group of MEPs details of talks. The website adds:

“The head of the bank supervisor will be appointed by member states and the European Parliament and they will both have the power to recall that person from the job.”