EU leaders have agreed to set up a single eurozone banking supervisor—a major step towards a banking union.
A legislative framework is to be in place by 1 January next year, with the body starting work later in 2013.
The European Central Bank-led mechanism will have the power to intervene in any bank within the eurozone.
The deal appears to be a compromise between France and Germany, who earlier disagreed over the timing and over the number of banks the ECB would oversee.
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