On 13 December 2012, the Eurogroup agrees to release an instalment of EUR 49.1 billion in financial aid for Greece. The Eurogroup also welcomes the agreement reached by the European Finance Ministers on banking supervision in the euro zone. This single supervisory mechanism, to be carried out by the European Central Bank (ECB), becomes operational on 4 November 2014. On the photo, from left to right: Olli Rehn, European Commissioner for Economic and Monetary Affairs, Jean-Claude Juncker, President of the Eurogroup, and Klaus Regling, Managing Director of the European Stability Mechanism (ESM).