Legislative Proposal on EU Bank Supervision by September 2012

The EU Commission has published a press release regarding comments made by Olli Rehn, EU Vice-President with responsibility for Economic and Monetary Affairs, at the Eurogroup Meeting held on 10 July 2012.

Mr Rehn confirmed that, by early September, the Commission will develop a legislative proposal for the creation of a Single Supervisory Mechanism for banks in the Euro area. This will enable the EU Council to consider the proposals by end of the year, as required by EU leaders during the recent Euro Area Summit.