LOS CABOS, Mexico (AFP) - European members of the G-20 group of world economic powers have agreed to begin integrating the banking system of the euro zone currency bloc, according a summit statement issued on Tuesday.
'We support the intention to consider concrete steps towards a more integrated financial architecture, encompassing banking supervision, resolution and recapitalisation, and deposit insurance,' the joint statement said.
The acceptance of such measures by euro zone members of the G-20 was one of the main breakthroughs of the two day Los Cabos, Mexico summit, where Europe was under strong pressure to agree a plan to halt its debt crisis.
The euro zone members here - Germany, France, Italy and Spain - will now head to next week's summit of the 27-strong European Union under orders to begin developing a new regulatory and risk-sharing framework.
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