22 May 2013 | 14:41
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European commission president José Manuel Barroso is set to table proposals for a European banking union on September 12, reports the Wall Street Journal.
The commission chief, in a speech yesterday in Alpbach, Austria, said his proposals for a eurozone banking supervisor, would be the "next concrete and immediate deliverable of our vision to generate confidence in the future of the euro area".
Brussels originally planned to announce the plans a day earlier on September 11, but moved the date to coincide with Barroso's annual 'state of the union' address to MEPs in Strasbourg.
The proposals are expected to give the Frankfurt-based European Central Bank (ECB) extensive new powers to oversee Europe's banks.
In a separate article, the paper reports that EU internal market commissioner, Michel Barnier has rejected calls from Germany for the new ECB supervisory role to be limited to the bloc's biggest banks.
The FT adds that Germany's finance minister, Wolfgang Schäuble is arguing that limiting the ECB's role to just the largest banks is "common sense" as it would be impossible for the Frankfurt-based organisation to oversee all the EU's financial institutions.
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