European leaders call for banking supervision

[October 06, 2012]  VALLETTA, Malta (AP) -- Leaders of five European countries have agreed that the European Union must pave the way towards a single European banking supervision system to be operational by January.

The leaders of France, Italy, Spain, Portugal and Malta said in a statement at the end of their meeting Friday on the sidelines of a wider southern European and northern Africa summit that system should be decided by the end of the year.

The leaders discussed the economic situation in the eurozone before a summit in Brussels on Oct. 18-19.

They reiterated calls for swift implementation of the decisions adopted at a June summit and confirmed their determination to work together to preserve the stability and integrity of the euro area.

[Associated Press]

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