Europe once again delays creation of a single Banking Association
The economic block of the final 2013 Summit of the EU leaders will be dominated by the issue of European Banking Association. Earlier the states failed to create the Association by 2013 and decided to postpone the project to 2016.
According to initial plans for further European unification, this structure should ensure the stability of the European banks without resorting to the use of taxpayers' money, informs ITAR-TASS news agency.
The Banking Association will consist of three main elements – a system of banking supervision, which will be run by the ECB, a system of liquidation and restructuring of troubled banks, to be monitored by the European Commission, and the interbank reserve fund created by contributions from the actual banks, to be used in case troubled financial institutions require liquidity.
The pace of the process, that is, of the project for a united Europe with a common supranational economic and financial management, is evidenced by the fact that originally the Bank Association was planned to go public by early 2013.
The members have invited to first summit working dinner Anders Fogh Rasmussen, NATO Secretary General, who will share his vision for improving the EU-NATO interaction and supporting the growth of military opportunities of European countries. Among other topics, the talk will focus on EU military spending, which continues to slide, and on most effective use of the money on the background of economic crisis.
Final 2013 Summit of Heads of State and Government of the 28 EU countries will be held on December 19-20 in Brussels. Summit members will discuss the problems of the Eastern Partnership, which will be dominated by the situation in Ukraine. The summit is scheduled to adopt a 6-point declaration on Ukraine.