BRUSSELS, Jan. 28 (Xinhua) -- European Union (EU) finance ministers on Tuesday proceeded the procedure of a banking union and updated Europe's economic outlook as strengthening recovery.
Greek Finance Minister Ioannis Stournaras, whose country chairs the rotating EU presidency, told a press conference that the ministers had an inter-state negotiation on single resolution fund and the board of single supervisor mechanism set to hold its first meeting at the end of this month,both signalling a forward pace to the banking union.
Michel Barnier, EU commissioner for internal market and services,welcomed the Council's positive state of mind on the Single Resolution Mechanism and degree of openness towards European Parliament whose approval is important for legalization of such mechanism.
"Flexibility is essential to find compromise," he noted.
On the economic outlook, European economic and monetary affairs commissioner Olli Rehn said the expectations of economic developments over the coming six months are for a gradually strengthening economic recovery in Europe.
"since we last met in December, economic data for Europe has continued to be encouraging," said Rehn.
"Domestic demand has made a positive contribution to GDP growth, with investment expanding further and household consumption continuing to grow moderately. Consumer confidence in the EU has reached its highest level since January 2008. Sentiment in the euro area sovereign bond market has kept on strengthening," he added.
At the same time, he reminded there is no room for any complacency due to the market turbulence of recent days.
"The high level of unemployment in many (EU) member states is another very important reason why we cannot rest on our laurels," he added.