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LOS ANGELES European Union financial ministers struck an agreement early Thursday to move the bloc closer to banking union by bringing the region's largest lenders under a single supervisory authorities, reports from the region said. Under the deal announced after midnight, the European Central Bank will be given oversight over all banks with either more than 30 billion euros ($ 39 billion) in assets or which have a large presence within a member economy, the Associated Press reported. The agreement followed more than 14 hours of talks -- and months of discussion after the idea was first broached -- with the ECB also receiving authority to intervene in smaller banks at the first sign of trouble, Reuters reported. As the regional regulator, the ECB will be able to force banks to raise their capital buffers and even to close unsafe lenders, The Wall Street Journal reported. The euro moved modestly higher after the news broke, trading at $ 1.3086, up from $ 1.3070 in North American trade late Wednesday.

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