The leaders of the European Union have endorsed a deal reached by their finance ministers to set up a single supervisory body for the Euro Zone's largest banks under the leadership of the European Central Bank (ECBj. The heads state and government of the 27- nation EU, who opened a two-day summit in Brussels on 14~(th) December, hailed the agreement among the finance ministers a few hours earlier on a centralized oversight for the European banks as "a major step towards" a banking union in the euro area.
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