EU's Barnier seeks 'political will' on bank union - FT

Isla Binnie
Reuters Middle East

LONDON, Nov 26 (Reuters) - European Union Commissioner

Michel Barnier called on the bloc's finance ministers to dispel

doubts about their "political will" to create a single bank

supervisor, the Financial Times reported on Monday.

In an interview with the newspaper, the commissioner also

expressed support for a cap on bankers' bonuses, criticised a

voting system favoured by the United Kingdom and suggested EU

law could eventually be changed to strengthen the banking union.

Ahead of a meeting of European finance ministers next week,

which will test the likelihood of a deal on banking union being

struck by the end of the year, Barnier emphasised the importance

of reassuring the "fragile" markets.

"Now is the time to decide," the commissioner said. "We need

to meet a deadline set by the heads of state. We need

a political decision and that is possible."

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