European leaders call for banking supervision

Associated Press
View photos
Spain's Prime Minister Mariano Rajoy addresses the press as he attends a Mediterranean summit of southern European and North African countries, in Valletta, Malta, Friday, Oct. 5, 2012.The Malta summit of five European and five African nations is expected to focus on fighting terrorism and lawlessness in North African as well as France's push for a military intervention in Mali, where Islamist rebels have taken control in the north. (AP Photo/Andrew Medichini)

VALLETTA, Malta (AP) — Leaders of five European countries have agreed that the European Union must pave the way towards a single European banking supervision system to be operational by January.

The leaders of France, Italy, Spain, Portugal and Malta said in a statement at the end of their meeting Friday on the sidelines of a wider southern European and northern Africa summit that system should be decided by the end of the year.

The leaders discussed the economic situation in the eurozone before a summit in Brussels on Oct. 18-19.

They reiterated calls for swift implementation of the decisions adopted at a June summit and confirmed their determination to work together to preserve the stability and integrity of the euro area.