EU set for vote on bank support

The European Parliament says it will hold a first vote November 19 on controversial plans to put the European Central Bank at the apex of unprecedented EU-wide bank sector supervision.

"We are meeting the timetable set by leaders of the euro area and endorsed by the European Union at its June summit," a spokesman for the parliament said.

"The Parliament has been pushing for effective supervision for three years, if the member states can agree, we will be there."

The committee vote in November will cover amendments proposed by parliament to the plans for a single European bank regulator presented by European Commission President Jose Manuel Barroso last week.

Source and full story: Sydney Morning Herald, 19 Sept 2012