The new agency will still report to the European Central Bank, pictured. (Wikimedia Commons)

Leaders first decided on creating the agency during a summit in June, which Germany and others have praised as "an essential condition before they all consider sharing resources with other euro-zone countries."

Early discussions have somewhat determined the new agency will report to the European Central Bank, and will have authority over roughly 25 of the biggest banks as well as national financial supervisors which will oversee smaller banks. According to WSJ, it should be up and running late next year. 

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