Finance Ministers of the European Union have agreed to give the European Central Bank wide powers of surveillance in the euro zone, but Germany has maintained its position on how to deal with troubled banks as a second phase construction of the banking unit.
The EU ministers gave final approval of the regulatory role of the European Central Bank, after nearly a year and a half while Britain dropped its opposition to the plan for fear that the status of London as a financial center would be threatened.
European Commissioner Michel Barnier, who invented the plan to the supervisory role of the European Central Bank, said "We are writing a history of organized work. This is a milestone. This is the beginning of a new era in the supervision of banks in the euro zone. "
However, the German Finance Minister, Wolfgang Schäuble, hopes to use the lowest bailout fund in the euro zone to help banks directly so that government won’t be held responsible for the payment of such aid. Schaeuble said that this step is not liable at this point.