ECB cuts growth outlook for eurozone, holds rates
FRANKFURT, Germany (AP) - European Central Bank head Mario Draghi says he expects European Union leaders to reach a deal "soon" on making the ECB the eurozone's central banking supervisor.
EU officials failed to reach agreement on the proposal at a meeting earlier this week. Germany wants the new supervisor to oversee only the biggest banks, while France wants it to look after all 6,000 eurozone financial institutions.
Draghi said he was "confident we will soon have an agreement" because "the benefits are not disputed."
The single supervisor is aimed at keeping bank failures and bailouts from hitting the finances of national governments. That risk has been a key driver of Europe's debt crisis.