Pre-summit document presses EU banking union

By Luke Baker

BRUSSELS | Sun Jun 24, 2012

European Commission President Jose Manuel Barroso addresses the media before the G20 Summit in Los Cabos June 18, 2012. REUTERS-Henry Romero

(Reuters) – European leaders will discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund at a summit on June 28-29, according to a document prepared for the meeting.

Two officials familiar with the 10-15 page document, drawn up over the past month and which is still being revised ahead of the summit, said it sets out in detail the four “pillars” required for a strong economic and monetary union which leaders believe is necessary to secure the currency project’s future.

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As well as progress towards a banking union, the paper discusses the need for a more integrated budget policy, steps required for deeper economic integration, and how to retain “democratic legitimacy” if countries give up some sovereignty.

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