Press Release: Economic and Financial Affairs Council, Luxembourg, 15 October 2013

Main results of the Council:

The Council adopted regulations creating a single supervisory mechanism for the oversight of banks and other credit institutions, thus establishing the first 'pillar' of Europe's banking union.

The single supervisory mechanism will be composed of the European Central Bank and the supervisory authorities of the member states. The ECB will assume its supervisory tasks twelve months after entry into force of the legislation, subject to operational arrangements.

The Council adopted conclusions in preparation of the UN climate change conference in Warsaw on 11-22 November.

It also prepared European Council discussions on strengthened economic policy coordination, as part of the further development of economic and monetary union, and access to finance for SMEs.

• Primary Source

ESO: Background information: Council approves single supervisory mechanism for banking http://www.europeansources.info/record/press-release-council-approves-single-supervisory-mechanism-for-banking/

ESO: Background information: Council Conclusions on the United Nations Framework Convention on Climate Change http://www.europeansources.info/record/press-release-council-conclusions-on-the-united-nations-framework-convention-on-climate-change/

European Commission: RAPID: Speech, SPEECH/13/824: Remarques introductives du Commissaire Barnier (retranscription de l'intervention) http://europa.eu/rapid/press-release_SPEECH-13-824_fr.pdf

European Commission: RAPID: Speech, SPEECH/13/823: Vice-President Rehn's remarks at the ECOFIN http://europa.eu/rapid/press-release_SPEECH-13-823_en.pdf

European Commission: RAPID: Memo, MEMO/13/873: Preparation of Economic and Finance Ministers Council, Luxembourg, 15 October http://europa.eu/rapid/press-release_MEMO-13-873_en.pdf

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