-EU commissioner says new banking union to be ready by 2013.
Global Banking News - 13 July 2012
Michel Barnier, European commissioner for the Internal Market and Services, has said that the new banking union will become operational in 2013.
The banking union has been designed to recapitalise eurozone banks directly if they need financial help. It is also expected that the move will mitigate market fears during a crisis. Barnier is to present detailed plans for a single bank supervisor for the EU in September.
It is expected that the plan will be put to vote in 2012.
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