The European Union Economic Summit has agreed to the gradual establishment of a bank union in 2013 according to statements for the press by commission spokesman Olivier Bailly.
The “EU leaders endorsed the June agreement on a bank union, the creation of a political agreement by the end of 2012 and its gradual introduction in 2013,” wrote in the official on his Twitter blog.
France and Germany have been at odds over how to best shore up Europe’s struggling banks.
France wanted a single supervisor in place by the end of this year – allowing Europe’s bailout fund to directly loan money to banks, deemed a key tool in fighting the crisis. But an apprehensive Germany has been dragging its heels, concerned about such loans.
The idea to create a banking union was agreed on at a summit in June, and one of the first key elements, must be the mutual supervision of banks in the Euro-zone.
Meanwhile on Thursday hundreds of youths took to the streets during Greece’s second general strike in a month. Workers across the country walked off the job to protest the new austerity measures the government is negotiating with Greece’s international creditors.