According to FT, ahead of the EU summit, Hollande plans to propose that the European Central Bank be put in in charge of bank supervision and that European Stability Mechanisim be used to recapitalize banks directly. The ESM is the new €500bn eurozone rescue fund due to come into force next month.
Paris believes Italy and Spain are sympathetic to its proposals and that it is making progress with Germany. They will be part of France’s submission ahead of the EU summit to Herman Van Rompuy, head of the European Council, that will include Mr Hollande’s proposals for accompanying measures to stimulate growth, reports FT.
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