BRUSSELS, Oct. 19 (Xinhua) -- European Council President Herman Van Rompuy said early Friday that European Union (EU) leaders had agreed to complete the legal framework for a single supervisory system for European banks by Jan. 1, 2013, and the system is expected to be operational in the course of 2013.
EU leaders agree to complete legal framework for single bank supervisor in 2012: source
BRUSSELS, Oct. 19 (Xinhua) -- European Union (EU) leaders have agreed to complete the "legal framework" for a single banking supervisor in Europe by the end of this year, an EU official told Xinhua early Friday.
EU leaders, who have finished their first part of a two-day summit after 10 hours' discussion, had "reached consensus on the goal of completing the legal framework for the new supervisory mechanism by the end of 2012," the official said on condition of anonymity. Full story
No breakthrough on banking union expected from EU summit
BRUSSELS, Oct. 18 (Xinhua) -- European leaders attending the ongoing two-day European Union (EU) summit on Thursday had expected no major breakthrough in establishing a single banking supervisor in Europe.
While several EU nations such as Spain and France, in addition to the European Commission and the European Central Bank (ECB), argued for putting the new supervision system in place on Jan. 1, Germany and a few other countries have been urging caution. Full story