Eurozone finance officials are putting together plans a single authority to regulate the largest banks in the currency zone, the Wall Street Journal reports. The step was mandated at a June summit in Brussels, and is seen as essential by the stronger economies, like Germany.

The bank supervisor would report to the European Central Bank and be the sole supervisor of the 25 largest banks. In the beginning, the regulator is expected to regulate compliance and determine that banks have sufficient capital cushions, but its scope may be expanded later to include dealing with banks in financial distress.

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