Under the EU proposal for banking union, ECB would be the only regulator able to grant banking licenses in the euro-zone.

Bailout of Spanish banks could total $122 bln.

Bailout of Spanish banks could total $122 bln.

Europe moves toward banking union, allows banks to tap bailout fund directly.

Europe moves toward banking union, allows banks to tap bailout fund directly.

Merkel increasingly isolated as other leaders back euro bonds, growth measures.

Merkel increasingly isolated as other leaders back euro bonds, growth measures.

Plan suggests EU could limit euro nations annual budgets and debt levels.