Ideas on EU economic and monetary union still vague, says Rutte
Friday 19 October 2012
Proposals from EU president Herman Van Rompuy to strengthen European economic and monetary union are still ‘very vague’, prime minister Mark Rutte said at the end of the first day of the Brussels summit.
Van Rompuy's ideas, particularly those on a single budget, were not made sharper or fleshed out with more detail, Rutte said after the meeting.
EU leaders did agree to set up a single eurozone banking supervisor – which is a major step towards a banking union. The legislative framework should be drawn up from January 1, and work will start later in the year, EU leaders agreed.
The deal is an ‘uneasy compromise between the French and the Germans and much wrangling lies ahead’, the BBC reported. The Netherlands had sided with Germany in saying national budget discipline should be the priority.
'We are not going to rush this through,' Rutte said. 'This is a very big step for the community.'
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