13 December 2012, after months of trying to create a true central bank of Europe, European Union (EU) members agreed to give the job to the already existent European Central Bank (ECB).

The move is meant to standardize banking policies for EU members.  The ECB will be considered the “supervisor” of EU banks. It also allows the ECB to have full access to information from all EU member banks.

Even the United Kingdom, who is usually opposed to approving anything that would make the European Union stronger, agreed to the deal: “It shows that when you go in with a clear and principled argument and you make your case, then you can succeed and that’s what Britain has done tonight.”-George Osborne, U.K. Chancellor of the Exchequer