Reuters: US Dollar Report: Merkel says ECB supervisory plans ready by year-end

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Merkel says ECB supervisory plans ready by year-end Jun 29th 2012, 16:20 BERLIN, June 29 | Fri Jun 29, 2012 12:20pm EDT BERLIN, June 29 (Reuters) - Chancellor Angela Merkel told German lawmakers on Friday proposals to give the European Central Bank (ECB) new supervisory powers for banks in the euro zone would be ready by the end of the year. "It's not going to happen in a single day and not in two weeks either. It's a longer process, a proposal for that should be ready by the end of the year," Merkel told the lower house Bundestag. She was speaking after attending a two-day EU summit in Brussels which agreed the bigger role for the ECB along with other measures aimed at overcoming the euro zone debt crisis. Merkel also urged lawmakers to back the euro zone's permanent new bailout fund, the European Stability Mechanism (ESM), and a new fiscal compact enshrining tougher budget rules in a vote due to take place in both the Bundestag and the upper house Bundesrat on Friday evening. "Today Germany, with the approval of the fiscal pact and the ESM by all parties in both houses of parliament, will send an important signal, a signal of unity and of determination, a signal that we are overcoming the European debt crisis in a sustainable way," Merkel said.

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