German Chancellor Angela Merkel\'s Cabinet has approved plans to hand the European Central Bank the power to oversee the continent\'s lenders, the main part of the 17-nation euro zone’s efforts to stabilize its financial system. Wednesday\'s formal approval by ministers moves a European banking union one step closer to reality, but doesn\'t resolve an argument over whether there also should be a centralized authority to unwind failing banks. ECB executive board member Joerg Asmussen in Brussels said Wednesday that a \"strong authority\" is needed to make quick and impartial decisions on winding up banks. He said it should \"have a European resolution fund at its disposal\" that would be set up by eurozone governments. But Germany argues that would require time-consuming changes to European treaties, according to a report of the Associated Press.