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Italy’s Moavero Says EU Countries Will Reach Bank Union Deal

Oct. 15 (Bloomberg) -- The European Union will forge a deal on banking union as countries settle their differences in the interest of protecting savers, said Italian European Affairs Minister Enzo Moavero Milanesi.

“It’s enough of a stimulus to overcome this diffidence,” Moavero said today on the sidelines of a conference in Rome. “There are still some points of divergence, compared with a considerable number of points of convergence. The objective of the Italian government is that the first phase, that is the activation of the single supervisor for the banks that have received financing, is operational by Jan. 1.”

The European Central Bank must decide whether the International Monetary Fund will have a role in overseeing the conditions of its sovereign bond-buying program, Italian European Affairs Minister Enzo Moavero Milanese said.

“It’s now up the European Central Bank to identify the ways and mechanisms by which to best activate the indications received by the heads of state and government,” Moavero said today on the sidelines of a conference in Rome.

To contact the reporters on this story: Andrew Frye in Milan at afrye@bloomberg.net.

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net.

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