(ANSAmed) - BRUSSELS, JUNE 28 - European leaders will
tomorrow ratify a road map that will end in a decision being
taken before the end of this year on an "effective monetary and
economic union". "Recent developments have demonstrated the need
to take the European Monetary Union (EMU) to the next stage,"
the EU summit draft says.
Based on the report presented by the presidents of the Council of Europe, the European Central Bank, the Eurogroup and the European Commission, leaders will ask for a more detailed proposal to be made at the October summit, in order for a decision to be taken at the subsequent meeting in December. "There is a need for more specific details around stronger banking and fiscal integration," says the draft conclusion, which is still being discussed. The document notably states that "the EU will need to be equipped with a mechanism to make the banking system secure by the end of 2012, creating a common scheme for the guarantee of deposits and a common fund with powers of resolution for crisis management".
The text continues: "In the immediate term, the Council must rapidly examine the proposal by the Commission on the resolution of the banking crisis, in order to reach a deal by the end of the year". "The proposal on the scheme to guarantee deposits and on capital requirements must be urgently adopted," it adds. (ANSAmed).
Based on the report presented by the presidents of the Council of Europe, the European Central Bank, the Eurogroup and the European Commission, leaders will ask for a more detailed proposal to be made at the October summit, in order for a decision to be taken at the subsequent meeting in December. "There is a need for more specific details around stronger banking and fiscal integration," says the draft conclusion, which is still being discussed. The document notably states that "the EU will need to be equipped with a mechanism to make the banking system secure by the end of 2012, creating a common scheme for the guarantee of deposits and a common fund with powers of resolution for crisis management".
The text continues: "In the immediate term, the Council must rapidly examine the proposal by the Commission on the resolution of the banking crisis, in order to reach a deal by the end of the year". "The proposal on the scheme to guarantee deposits and on capital requirements must be urgently adopted," it adds. (ANSAmed).
