Business Frankfurt NEWS

FRANKFURT;
The European Central Bank takes over as
Europe's banking watch-dog on Tuesday in a
historic shake-up of the financial system aimed
at preventing a repeat of the crisis that nearly led
to the   collapse of the euro.

 The ECB in charge of  monetary policy of the
single currency countries since the start  of
1999 has seen its role of central bank drastically
redrawn in the financial and economic storms
that have battered the region during the long
years of crisis

Long seen as the only European institution capable
fixing the eurozone's  financial woes the ECB has
had to charge to the bloc's rescue   repeatedly,
each time with ever more daring -and controversial
measures.

The new watch-dog ,the single Supervisory
Mechanism or SSM,will be responsible for the