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European Commission


Brussels, 13 December 2012

Council agreement on the Single Supervisory Mechanism - statement by President Barroso

"On behalf of the European Commission, I warmly welcome this exceptionally important agreement on the Single Supervisory Mechanism reached by the Council.

Based on the proposal tabled by the Commission on 12 September, this is a crucial and very substantive step towards completion of the banking union and a timely step forward in the integration of financial supervision for the euro area and for the other Member States which the Commission hopes will also participate.

We now hope that the co-legislators are able to finalize the agreement on the Single Supervisory Mechanism as quickly as possible. I want to underline that in four months we have moved from a Commission proposal to political agreement by the Council, which demonstrates once again that the European Union has the political will and capacity to act quickly on momentous issues."

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