Europe plans single financial supervisor *(USD) *PIC*

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Europe plans single financial supervisor (by Sarah Turner)

SYDNEY (MarketWatch) -- A late Thursday night meeting of European leaders came up with a plan for a single financial supervisory mechanism for the region to help stabilize markets. European Commission President Herman van Rompuy said that the mechanism will involve the European Central Bank and that there will be the possibility of direct recapitalization for European banks. Financial assistance will be provided by the European Financial Stability Facility until the European Stability Mechanism becomes available, he said at a press conference early Friday. Europe is trying to do what's necessary in order to break the negative cycle for the region, he said.

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