Euro Zone Aims to Create Agency

    A one euro coin, left, and a one pound coin are seen in this arranged photograph in London, U.K., on Friday, July 6, 2012. U.K. The euro may drop to the lowest level in more than three years against the pound, according to UBS AG, citing trading patterns. Photographer: Chris Ratcliffe/Bloomberg via Getty Images

    Chris Ratcliffe, Bloomberg / Getty Images

    The euro zone is in the process of creating a new agency to supervise banks within the currency union that would report to the European Central Bank. Germany and other European nations with strong economies see the establishment of one overarching authority as necessary to keep the rest of the bloc in line. The objective, at first, is to get all of the euro-zone countries’ biggest banks regulated and then maybe move on to smaller banks.

    Read it at The Wall Street Journal