EU presidents and prime ministers will find the European commission’s vision for closer economic, monetary and banking union on the table when they sit down to their customary end-of-year meeting in Brussels on 13 and 14 December.
Following an agreement between finance ministers in the early hours of 13 December, leaders will be asked to give the green light to banking union, which will see the European Central Bank (ECB) having direct oversight of eurozone banks.
The transfer power from national governments to the ECB has already been approved by national finance ministers. If their bosses – EU leaders – endorse the plan, the system could be up and running in January 2014.
The European commission is also placing the EU blueprint for closer union on the agenda. Launched in November, it maps a path to full economic, monetary, budgetary and political integration. Closer coordination here would help ensure that responses to EU-wide economic problems are coordinated and so more effective.
Read more: EU economy on agenda as leaders meet
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