European leaders agree to put single bank supervisor in place next year, diplomats say - The Washington Post

European leaders agree to put single bank supervisor in place next year, diplomats say - The Washington Post

By the evening, however, German diplomats said agreement had been reached. The legal framework for a supervisor would be completed this year. The plan will be put into place sometime next year, the two officials said. They would only speak on condition of anonymity in order to give details of discussions before an official announcement.
However, there are still more issues under debate at the summit, which runs until Friday.
Merkel is pushing a proposal for the European Union’s monetary affairs commissioner to become an enforcer of the bloc’s budget rules — including the power to refuse member countries’ proposed spending and tax plans and send them back for changes.
Germany hopes that having a “budget czar” — a move that’s been bandied about for months — will help keep Europe from repeating past mistakes by stopping governments from overspending and needing expensive bailouts. But some countries, like France, are wary of handing control over their finances to unelected officials in a foreign capital.