European Union finance ministers have agreed a late-night deal to create a single body to oversee banks across the eurozone.
Under the plan, the European Central Bank will supervise about 200 of the eurozone's biggest banks.
The deal - to be put to an EU summit in Brussels today - also paves the way for Europe's rescue fund to provide direct help to troubled banks.
Talking to the Today programme's Sarah Montague, the BBC's business editor Robert Peston said this could give more power to a central authority in Europe.
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