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19 June 2012| last updated at 09:52AM

G20 sees need of eurozone banking union



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LOS CABOS: The Group of 20 major economic powers will recognize the eurozone’s efforts to establish a regional banking union at their two-day meeting, a source close to the French presidency said Monday.

 

“The final declaration mentions the work being done toward a banking union”  and towards “more financial stability”, the official said.
 
The draft final communique of the G20 leaders, meeting in Los Cabos, Mexico  mainly on the European economic crisis “mentions that this banking union has  been endorsed by all of the members of the eurozone,” the source said.
 
European Union President Herman Van Rompuy and European Commission chief  Jose Manuel Barroso said member states werre working hard to resolve the  crisis, and that establishing a single system for overseeing eurozone banks was  a priority.
 
Meanwhile, the French source said the final G20 declaration would also  endorse the position that Greece is and will remain in the eurozone, but also  insist that Athens needs to meet its bailout commitments.
 
The G20 leaders showed clear relief with the results of Greece’s elections,  in which the centre right New Democratic party came in ahead of the leftist  Syriza, which wants to tear up Athens’ pledge to impose a harsh austerity  program. AFP
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