Draft banking supervision legislation which was tabled before the Economic and Monetary Affairs Committee on 22 October would give national supervisors a greater role than the earlier Commission proposals, while at the same time retaining the European Central Bank’s power to decide to supervise any bank directly. A second text approved by the Committee would put the European banking watchdog at the head of a single supervisory system. Both texts would increase the supervisory systems democratic accountability. These draft texts will now form the basis for work within the Committee over the next months with a view to formalising an official Committee position by the end of November. Once the Committee adopts its position, it will be ready to enter into negotiations with member states to hammer out a deal.