09/10/2013 (Agence Europe) - Supervisory system: ECB-Parliament cooperation agreement endorsed. On Wednesday 9 October, the European Parliament adopted without amendment a cooperation and exchange of information agreement between the Parliament and the ECB to give the Parliament democratic control over the new European bank supervisory mechanism (see EUROPE 10938). The agreement covers the holding of confidential meetings where necessary and decribes the appointment process for the chair and vice-chair of the supervisory committee to be set up at the ECB in order to hive off monetary policy from bank supervision. The Council of Ministers says the agreement has a flimsy legal basis. (MB/transl.fl)