President of the European Commission Jose Manuel Barroso said that development of the European bank monitoring system will be completed in early 2013 as part of the European Bank Union.
The EU will have summits in November and December 2012.
The Bank Union will be launched in 2014, not January 1, 2013.
Ireland, Portugal, Cyprus, Spain and Italy suffer from a debt crisis. Greece has been on the edge of a default for two years. The EU formed the European Financial Stability Facility and the European Stability Mechanism. The EU wants to resolve the crisis via harsh budget economy.
French President Francois Hollande said that the end of crisis was very near. Decisions made at the summit on June 28-29 need quick implementation.
The president believes that stimulation of European economy requires trust, logical economic policy. He noted that €120 billion for economic growth was too little for some countries. Hollande wants to finance economic development from the EU budget. 11 states want to pass the tax on financial transactions.
