EU budget supervisor 'not needed', Monti says

Italian PM eases Franco-German row

EU budget supervisor 'not needed', Monti says

Brussels, October 19 - A supervisor for the budgets of European Union members is not needed, Italian Premier Mario Monti said Thursday night, easing an EU summit row between German Chancellor Angela Merkel and French President Francois Hollande. The summit agreed to set aside the issue of a veto-wielding supervisor, advocated by Merkel to France's chagrin, and instead push forward with a supervisor for banking union, to be set up by the end of the year. Germany and other northern European countries still want more time than that to organise a banking union.

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