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EU Takes Crucial Step Towards Banking Union

Finance Ministers of the European Union reached an important agreement on a single supervisory mechanism for the oversight of credit institutions.

“I warmly welcome this exceptionally important agreement on the Single Supervisory Mechanism reached by the Council,” said European Commission President José Manuel Barroso, noting that “this is a crucial and very substantive step towards completion of the banking union and a timely step forward in the integration of financial supervision for the euro area and for the other Member States which the Commission hopes will also participate.”

President Barroso also pointed out that the swift political agreement in the Council “demonstrates once again that the European Union has the political will and capacity to act quickly on momentous issues.”

Negotiations with the European Parliament will now start with the aim of adopting the legislation before the end of the year.