EU Leaders To Give Bank Deal Timetable

European leaders are expected to set a loose timetable for "genuine economic and monetary union" in the region later today.

It comes a day after European finance ministers took a major step towards full banking union by agreeing to create a single supervisor for eurozone banks.

But the UK will not be subject to the scrutiny, continuing to supervise its own institutions.

The Prime Minister said he was happy to endorse the move towards greater economic co-ordination because Britain could opt out.

"Britain's not in the euro, we're not going to join the euro so we won't be part of that integration, but this change taking place does give us the opportunities to argue for the things that we want in Europe and get a better deal for Britain in Europe," David Cameron said.

"That's what I'm interested in discussing and pursuing for Britain."

The deal gives the European Central Bank (ECB) oversight for lenders in the 17 EU countries that use the euro - and any other country that wants to opt in.

It also paved the way for Europe's bailout fund to give direct aid to ailing banks - a measure seen as vital to helping the eurozone break free of its debt crisis.

The agreement, which follows months of negotiations, was described by the president of the European Commission, Jose Manuel Barroso, as a "deep and genuine economic and monetary union", which requires "steps towards political union".

Meanwhile, the finance ministers agreed to release a further pay 34.3bn euros (£27.8bn) of aid to Greece after months of disagreement.

Greece was left on the brink of bankruptcy after the badly-needed funds were withheld over fears the country was not meeting its strict bailout commitments.

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