German cabinet approves ECB supervision plans May 8, 2013 - 16:27 AMT PanARMENIAN.Net - German Chancellor Angela Merkel's Cabinet approved Wednesday, May 8, plans to hand the European Central Bank the power to oversee the continent's lenders, the main part of the 17-nation eurozone's efforts to stabilize its financial system, The Associated Press reported. The formal approval by ministers moves a European banking union one step closer to reality, but doesn't resolve an argument over whether there also should be a centralized authority to unwind failing banks. ECB executive board member Joerg Asmussen in Brussels said that a "strong authority" is needed to make quick and impartial decisions on winding up banks. He said it should "have a European resolution fund at its disposal" that would be set up by eurozone governments. But Germany argues that would require time-consuming changes to European treaties.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months  The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan.Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem."U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says.Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |
