E.U. Takes Final Step on Unified Bank Regulation

LUXEMBOURG — The European Union on Tuesday took another step to shore up its battered banking sector after Britain agreed to new rules placing many of the largest lenders in the euro area under the supervision of the European Central Bank.

The British decision, which was announced at a monthly meeting of the bloc’s finance ministers here, clears the way for the E.C.B. to take over as the single supervisor late next year. Continue reading