Banking Union to Be Discussed at Next EU Summit

EU leaders will discuss the project for a banking union at the next European Council in October, stated European Commission President Jose Manuel Barroso.

Speaking in Malta following meeting PM Lawrence Gonzi, Barroso stated that EU leaders must take specific desicions for resttoring trust in the euro.

"I sincerely hope that the impluse for the eurozone has not been lost," said the European Commission President.

Apart from the outlines of a banking union, the Commission is set to present a project for procedures of oversight of member states' national banks.

Many European leaders, such as French President Francois Hollande and Italian PM Mario Monti have voiced support for introducing a common EU bank monitoring body.

The next European Council will take place October 18-19 in Brussels.

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