EU leaders call for quick establishment of SRM

Xinhua, 18.12.2012

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Two EU leaders on Monday called for quick establishment of single resolution mechanism (SRM) as the next step of the European Banking Union.

European Council President Herman Van Rompuy reiterated achievements of the EU in the past week, including proposals on single supervisory mechanism (SSM), the Eurogroup's decision on Greece, as well as European Council's conclusion on completing economic and monetary union (EMU). […]

Though both leaders claimed the past EU summit a fruitful one, analysts doubt its result and describe it as a disappointing one.

Janis Emmanouilidis, senior policy analyst with European Policy Center, a top think-tank in Brussels, pointed out in a report that the Council failed to live up to the expectations raised and the objectives set earlier in the year.

"The EU 27 rather gave the impression that they could take advantage of the relative calm in the markets and take a breather," said Emmanouilidis.

"The eurozone is still far away from reaching the comfort zone and that complacency could undermine the regained confidence in the euro and the future of the EU," he warned.

For the original article see here.


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