EU Agrees on Bank Supervisor

European Union leaders agreed Friday to set up a single banking supervisor for a proposed banking union—which will be able to intervene in any future banking crisis with the 17-member currency. It appears that the deal is ultimately the result of a compromise between French and German officials, who initially disagreed on the timing and jurisdiction of the European Central Bank. But the fight is far from over, and there's a long road ahead for the plan's implementation.