28/08/2019 (Agence Europe) – On Wednesday 28 August, the European Court of Auditors and the European Central Bank (ECB) reached an agreement on the practical arrangements for the exchange of information that forms part of the audits that the Court carries out on the ECB’s supervisory activities within the euro area’s banking union. In a statement, the Court of Auditors said that the Memorandum of Understanding (MoU) reaffirms the independence of the two European bodies, and guarantees full access by EU auditors to the information they need, while protecting the confidentiality of sensitive market information. As the only bank supervisor, the ECB supervises the activities of 114 major banking groups in the euro area that manage 82% of banking assets in the EU. (MB)