France and Germany say want swift work on banking union [Reuters]

France, Germany and Poland will move quickly to create an effective European banking union, ministers from the three countries said on Monday.

Euro zone leaders have agreed in principle on the creation of a banking union in response to the debt crisis afflicting many of the bloc’s banks and governments, but there is disagreement among EU states about what the union should involve and how fast it should be put in place.

“Poland, France and Germany are determined to work swiftly to establish an effective single supervisory mechanism involving the ECB (European Central Bank) within the framework agreed at the June summit,” a joint statement from the countries’ Europe ministers said.

The ministers, who were meeting in the Polish capital, also said they were determined to find agreement on the European Union’s next long-term budget at a meeting of European leaders to take place in November.

It said a meeting of EU leaders in October should identify work that needed to be done to clear the way for the banking union, including steps to promote jobs and growth. It said a roadmap to implement these steps should be agreed in December.


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