EU Leaders Agree On Financial Union
By Ria Novosti
European leaders have approved a roadmap to create a euro financial union, EU president Herman Van Rompuy stated on June 29 after a summit held in Brussels.
The leaders agreed to set up a single European banking supervisory mechanism with the assistance of the ECB. As soon as this mechanism enters into force the EU Stabilization Facility will be able to recapitalize the banks directly through rescue funds. The mechanism will comprise the creation of a banking and a monetary union and contain growth boosting measures.
The European Commission President Jose Manuel Barroso praised the progress made at the Brussels summit.
