European Commission president welcomes banking supervision

<p>Jose Manuel Barroso has welcomed the new eurozone banking supervision agreement.</p>

The president of the European Commission has welcomed the introduction of a supervised banking agreement, which aims at fortifying the struggling eurozone's financial institutions and in turn bolstering the single currency.

Jose Manuel Barroso, who is the 11th president of the Commission, stated that the deal is "exceptionally important" and congratulated the council of finance ministers that gave the agreement the green light on their decision.

He said the move was "crucial and very substantive" in the region's move towards completing a banking union and integrating financial supervision into the eurozone and other European Union member states that wish to participate.

Mr Barroso said: "In four months we have moved from a Commission proposal to political agreement by the Council," adding that this demonstrated the fact the EU has the capability to act quickly on game-changing matters.

At 17:00 GMT, the pan-European DJ Eurostoxx 50 was down by 0.1 per cent to an index value of 2627.3 points.

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