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

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)