European Union: Herman the Jedi
6 December 2012
"Fortunately, Yoda is here."
Yoda says: "May the Force be with us."
On December 6, European Council President Herman Van Rompuy released his report on deepening economic and monetary Union.
The text, which will be discussed at the Summit of Heads of State and Government on December 12 and 13, sets out a roadmap of three stages; from now until the end of 2013, implementation of European bank supervision by the European Central Bank; 2013-2014, establishment of a single authority to manage restructuring and liquidation of distressed banks in the eurozone and targeted support to countries in difficulty; and after 2014, setting up a "fiscal capacity" structure as an early step towards a euro area-wide central budget.