France and the UK broadly agree on the EU plan for the European Central Bank (ECB) to supervise all eurozone banks, the French finance minister says.
Pierre Moscovici also said the UK "will be part of the decision-making process" on bank supervision, even though the UK is outside the 17-nation eurozone.
He was speaking in London after talks with UK Chancellor George Osborne.
On whether to provide a bailout for Spain, Mr Moscovici said "the tools exist" but Madrid would have to decide.
"This is a matter of sovereignty and we do not decide for the Spanish government," he said.
Last week the European Commission - the EU's executive arm - set out a blueprint for an EU banking union, including giving the ECB responsibility for overseeing all 6,000 banks in the eurozone.
The idea is that with tighter control the regulators will act faster to deal with failing banks, averting the need for huge bailouts with taxpayers' money.
The first phase is scheduled to start in January, with the process completed by 2014.
Mr Moscovici confirmed that timetable, saying "we must find agreement in the EU before the end of 2012, with implementation then as fast as possible".
"The UK, like us, would like if possible quite a swift timeline" for introducing the new ECB mechanism, he said.
He also said the UK agreed that all eurozone banks should be included - not just the biggest cross-border banks regarded as systemically important.
The ECB would have overall authority, above the national regulators who currently supervise banks.
But Germany - the richest economy in the eurozone - is especially wary of taking on responsibility for banks in other countries. Some senior German officials have criticised the Commission plan, arguing that ECB supervision should only apply to major banks which could pose a significant threat to the single currency.
The plan needs to be agreed by all 27 members of the European Union.
18 Sep, 2012
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Source: http://www.bbc.co.uk/news/world-europe-19621205#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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