News Headline Summary

EU's Van Rompuy's report on Economic union says preparatory work on a single EU bank supervisor should begin in earnest in early 2013

- Framework for direct recapitalisation of banks should be finalised end of March 2013.
- Bank resolution mechanism should ensure that private sector bears primary burden of resolution.
- Aim is to set up independent fiscal resource to help Eurozone states absorb economic shocks form 2014.
- Euroarea fiscal capacity would offer basis for common debt issuance without debt mutualisation.

Print 08:33, 06 Dec 2012 - Economic commentary - Source: Newswires