Page last updated at 08:49 GMT, Monday, 22 October 2012 09:49 UK
EU summit highlights: October 2012

The latest summit of EU leaders - formally known as the European Council - saw agreement reached on the setting up of a single banking supervisor for the eurozone.

It has been agreed that the European Central Bank (ECB), as supervisor-general, will have the power to intervene in any of the eurozone's 6,000 banks. A legislative framework is to be in place by 1 January 2013, with the supervisory body starting work later in the year. Democracy Live has video highlights of the key press conference that took place during the two day summit.

Herman van Rompuy and Jose Manuel Barroso
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Herman van Rompuy and Jose Manuel Barroso.

The two presidents held their traditional end-of-summit joint press conference, with Mr Van Rompuy welcoming the agreement. "The urgent element now is setting up a single supervisory mechanism, to prevent banking risks and cross-border contagion from emerging," he stated.

French president, François Hollande
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Francois Hollande

The French president said the agreement would enable the eurozone to speed up with economic integration. However he added that different countries "need different speeds" of integration. "We should have a council of the eurozone to meet on a regular basis...we need different speeds - that's agreed by everyone now, and there are even some moving backwards," he concluded.

German chancellor, Angela Merkel
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Angela Merkel

Mrs Merkel has been less enthusiastic about the idea that the ECB should have responsibility for all banks, and she had a different interpretation of the deal, saying that "banks must be supervised in a differentiated way".

"That means that some will be direct... at the ECB level and others indirectly, via the national authorities." She also said that ECB President Mario Draghi had told her it would be some months before the ECB was ready to take on its new role.

British prime minister, David Cameron
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David Cameron's press conference.

Speaking as the summit ended, Mr Cameron welcomed the deal but rejected criticism from some that Britain was preparing to leave the EU. Earlier, the Finnish Europe Minister had accused the UK of "slowly saying bye-bye" to the European Union. Mr Cameron insisted he was not interested in leaving the EU, but said the "dynamic" with Brussels needed to be changed.




SEE ALSO
EU bank deal 'boosts integration'
19 Oct 12 |  Europe

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