Europe vows closer union at G20 summit

Lesley Wroughton and Luke Baker
Reuters
June 19, 2012

Under pressure from financial markets and anxious world leaders, Europe agreed on Monday to move towards a more integrated banking system to stem a debt crisis that threatens the survival of the euro.

At a Group of 20 summit of the world’s leading industrialized and developing economies in this Mexican resort, Germany and its big euro zone partners took the unusual step of spelling out in detail measures to complete the economic and monetary union they launched to great fanfare 13 years ago.

Among the commitments in a draft G20 communique was a pledge to consider concrete steps towards a “more integrated financial architecture” in Europe that would include common banking supervision and firm guarantees to repay bank depositors.

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This article was posted: Tuesday, June 19, 2012 at 2:23 am

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