Bloomberg News

EU to Offer Banking Union Plans Around Sept. 11, Official Says

August 06, 2012

The European Union will offer a slate of banking union plans around Sept. 11, including a proposal to give the European Central Bank a centralized oversight role in the euro area, an EU official said.

The plans also will lay out the role of the European Banking Authority as the banking union develops and how the EBA will work with the 10 EU nations that don’t use the euro, the official told reporters in Brussels today.

One option under consideration would make the ECB the sole representative of the 17 euro-area nations at EBA meetings, an option preferred by the Frankfurt-based central bank, said the official, who spoke on condition of anonymity. The proposals also may establish what day-to-day duties the ECB could delegate to the EBA, the official said.

Senior officials are expected to hold a meeting in Brussels in late August to discuss the proposals, the EU official said. The goal is for the proposals to be adopted by the European Parliament and EU governments by a December summit, the official said.

To contact the reporter on this story: Rebecca Christie in Brussels at

To contact the editor responsible for this story: James Hertling at

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