France and Germany say want swift work on banking union
WARSAW (Reuters) - France, Germany and Poland will move quickly to create an effective European banking union, ministers from the three countries said on Monday.
Euro zone leaders have agreed in principle on the creation of a banking union in response to the debt crisis afflicting many of the bloc's banks and governments, but there is disagreement among EU states about what the union should involve and how fast it should be put in place.
"Poland, France and Germany are determined to work swiftly to establish an effective single supervisory mechanism involving the ECB (European Central Bank) within the framework agreed at the June summit," a joint statement from the countries' Europe ministers said.
The ministers, who were meeting in the Polish capital, also said they were determined to find agreement on the European Union's next long-term budget at a meeting of European leaders to take place in November.
It said a meeting of EU leaders in October should identify work that needed to be done to clear the way for the banking union, including steps to promote jobs and growth. It said a roadmap to implement these steps should be agreed in December.
Underlining differences over the pace of the banking union, German Finance Minister Wolfgang Schaeuble has repeatedly cautioned against expectations that a deal could be reached by the end of the year, the target set by euro zone leaders.
"As to the multi-annual financial framework, we are determined to find an agreement at the extraordinary November European Council," the joint statement said.
"We feel an urgent need for the future financial framework to focus even more on policies that contribute to growth, employment and competitiveness."
Poland is a major recipient of EU development cash and is anxious for the money to continue flowing in the next 7-year funding round, despite an economic slowdown that has made net donor nations less inclined to pay up.
(Reporting by Marcin Goettig; Writing by Christian Lowe; Editing by Ruth Pitchford)
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