An EU Central Banking Authority Slated for 2013
Enlarge image The European Council met on October 18-19. (© picture alliance / ZUMAPRESS.com) “We achieved what we set out to do,” said German Chancellor Angela Merkel after the close of talks in Brussels between European Union heads of state.
President of the European Council Herman Van Rompuy declared, “I am very glad we achieved progress on the timetable for the banking union. It is good for Europe that we will have a single supervisory mechanism up and running in the course of 2013.”
The main focus of the meeting in Brussels was on economic policy. The European Council reiterated its firm commitment to take resolute action to address financial market tensions, restore confidence and stimulate growth and jobs. The EU leaders took stock of progress on the Compact for Growth and Jobs and discussed the completion of the Economic and Monetary Union. They concluded with a discussion on strategic partners and an examination of the situation in Syria, Iran and Mali.