A centralised supervision - a major, but only the first, element of Europe's Banking Union
Danièle Nouy may not be a well-known name to many Europeans yet, but she has an important role: starting in 2014, the European Central Bank (ECB) will be responsible for the supervision of the major banks in Europe. This is only a first element of the ‘Banking Union’ that Europe has called for since the financial crisis. Others have to follow - otherwise the ‘Banking Union’ will remain toothless.