Mario Draghi Wants New Powers Against Banks

The EU needs fresh powers to wind up failing banks in a speedy push to the next phase of banking union, according to Mario Draghi, president of the European Central Bank, after a landmark agreement on centralized supervision.
The hard-won agreement among eurozone finance ministers on Thursday to appoint the ECB as the "single supervisory mechanism" is just the first, and easiest, step in a banking union plan designed to prevent a repeat of the financial contagion that dragged down banks and sovereigns in the debt crisis.