Van Rompuy to Propose Banking Union Under ECB Control, Sole Says

European Council President Herman Van Rompuy will propose a plan to create a banking union controlled by the European Central Bank, the Italian newspaper Il Sole 24 Ore reported, without saying how it got the information.

The plan also includes a proposal to create a fund to manage banking crises, the newspaper said.

EU leaders are due to meet from June 28 to June 29, and a key issue on the agenda will be a long-term plan for more fiscal and banking integration. Van Rompuy is due to unveil the draft plan this week.

To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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