Brussels/Strasbourg, 12 September 2012 Today's proposals for a single supervisory mechanism (SSM) for banks in the euro area are an important step in strengthening the Economic and Monetary Union (EMU). In the new single mechanism, ultimate responsibility for specific supervisory tasks related to the financial stability of all Euro area banks will lie with the European Central Bank (ECB). National supervisors will continue to play an important role in day-to-day supervision and in preparing and implementing ECB decisions. The Commission...

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In his annual State of the Union address to the European Parliament, European Commission President José Manuel Barroso today made a strong case for new direction and a new thinking for Europe. He sketched out the way towards more European unity to overcome the crisis and maintain sovereignty in a globalized world. Noting that the questions of the future cannot be answered with the tools of the past, he stressed that "in an interconnected world, Europe's Member States on their...

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Below is a transcript of a report on the outcome of today’s meeting of the Governing Council, which was attended by the President of the Eurogroup, Prime Minister Juncker, and by the Commission Vice-President, Mr Rehn. Based on our regular economic and monetary analyses, the ECB decided to keep the key ECB interest rates unchanged. Owing to high energy prices and increases in indirect taxes in some euro area countries, inflation rates are expected to remain above 2% throughout 2012,...

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The German-American Friendship Month offers a wide variety of lectures, wine tasting, Kasperltheater (puppet theater), exhibitions- and, of course, don't forget the German beer and food! Get together at the annual Steuben Parade and Central Park Oktoberfest on September 15. For detailed information on the events, please visit: www.GermanParadeNYC.org/store 2012 German-American Friendship Month Events: STEUBEN: THE NEW YORK YEARS Thursday, September 6 at 7 p.m. Fraunces Tavern, 54 Pearl Street, NYC Erick-Kurz-Memorial-Lecture, sponsored by the Steuben Society of America. Much is known about Baron...

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WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today the launch of a pilot program specifically designed for large arbitration cases involving claims of $10 million or more. The program enables parties to customize the administrative process to better suit special needs of a larger case and allows them to bypass certain FINRA arbitration rules. Participation in the pilot program, which began today, is voluntary and open to all cases; but in order to be eligible, all parties...

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Speaking at the Alpbach Economic Symposium in Austria today, European Commission President José Manuel Barroso emphasized further integration and strengthening of the European Union as the key to overcoming the euro crisis. He announced that on September 12th, the European Commission will outline proposals for a European banking union. "This is the next concrete and immediate deliverable of our vision to generate confidence in the future of the Euro area," explained President Barroso. "This is action now - even if...

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