After more than 14 hours of fractious negotiations, the ministers agreed on the single supervisor as the first stage of a more comprehensive banking union.
In the early 1990s, Bank of Boston (now part of Bank of America) set up an innovative unit called First Community Bank (FCB), the first comprehensive banking initiative to focus on inner-city markets.
If the past is prologue, with each new crisis, European leaders can take another halting step toward a comprehensive Banking Union.
"This will necessitate further quick progress on key reforms, including securing Greece's financing and moving towards a comprehensive banking union".
Its nine recommendations for Slovenia include this ominous warning: Slovenia should arrange an independent review of the entire system, stand ready to re-capitalise further banks, if necessary, and adopt a comprehensive banking sector strategy.
"We've achieved the most comprehensive banking reform in the European Union," said Othmar Karas, an Austrian member of the European Parliament who helped find a compromise in a late-night negotiating session with representative from E.U. member states and the European Commission.
As Batine explains, the ultimate aim of ID Finance is to offer a comprehensive banking service, accessible from mobile devices, but things stand, the company is provider of loans - usually to people who are "underbanked" and who might otherwise find it difficult to access credit.
Contrary to the implication, the stress tests are not true comprehensive, rigorous bank examinations to determine the condition and value of the banks' balance sheets.
