Herman Van Rompuy, the president of the European Council, has outlined a three-stage process that he says will lead to “genuine economic and monetary union”.
In a paper published today (6 December), Van Rompuy concedes that plans for the direct recapitalisation of banks through the eurozone's bail-out fund, the European Stability Mechanism, have fallen behind schedule.
A row between France and Germany has delayed a decision to grant the European Central Bank the power to oversee banks in the eurozone, a first step towards allowing the ESM to provide capital to banks directly rather than going through national governments.
At their October summit, EU leaders called for a “legislative framework” for the single banking supervisor to be in place by 1 January. Acknowledging the delay, Van Rompuy's paper says it is imperative that “preparatory work can start in earnest at the beginning of 2013” so that the banking supervisor can start its operations from 1 January 2014.
Van Rompuy's report was co-signed by José Manuel Barroso, the president of the European Commission, Jean-Claude Juncker, the president of the Eurogroup of eurozone finance ministers, and Mario Draghi, the president of the European Central Bank. EU leaders will discuss the plan at their summit in Brussels next week (13-14 December).
Read more: Van Rompuy outlines plan for deeper fiscal union | European Voice
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