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Foundations of EU banking union in place mid-2014: Hollande

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(GlobalPost/GlobalPost)

BRUSSELS (Reuters) - Europe will have a single banking supervisor and a mechanism for winding down failed banks in place by the middle of 2014, French President Francois Hollande said on Friday after an EU summit.

"This banking union project launched a year ago is now being carried out with a timeframe that allows us to say that all the mechanisms ... will be there in mid-2014 to protect Europe from a banking crisis," he told reporters in Brussels.

(Reporting by Emmanuel Jarry; Writing by Leigh Thomas; Editing by Mark Trevelyan)

http://www.globalpost.com/dispatch/news/thomson-reuters/130628/foundations-eu-banking-union-place-mid-2014-hollande