A top German government official on Wednesday dashed hopes of swift progress on strengthening Europe's financial sector, saying this week's summit of the bloc's 27 leaders won't make any final decisions on setting up a single banking supervisor.
Many "legal, technical and political details" for a continent-wide supervisory authority still have to be hammered out, said the official, who briefed reporters on condition of anonymity in line with government policy.
The single supervisor is part of the so-called banking union plan -- one of the key projects to bind the 17 countries that use the euro closer together. By creating closer financial and political ties, the eurozone's leaders hope to secure the future of their currency.
The European Union's executive Commission, the European Central Bank and several EU nations such as Spain and France would like to see the new system in place on Jan. 1 but Germany has hit the brakes. Chancellor Angela Merkel has repeatedly stressed that "quality must trump speed."
Read more: European Union summit
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