New European banking oversight plan due in Sept

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BRUSSELS (AP) — A European Union spokesman says proposals for EU-wide banking supervision are likely to be made around Sept. 11.

The proposal for unified supervision of banks within the European Union is viewed by some as a key step toward ending the continent's financial crisis.

Olivier Bailly, a spokesman for the European Commission, the EU's executive branch, said Friday that the date for the presentation of the Commission's proposals had not been fixed but was likely to take place around Sept. 11.

A single authority over EU banks is viewed by some as part of the deeper integration the union needs in order to support a single currency.

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