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French minister wants banking reforms in place by 2013

Europe's new system of banking regulation should be in place by the end of this year, France's finance minister has insisted.

Following talks with UK chancellor George Osborne in London yesterday (17 September), Pierre Moscovici insisted that the new era of supervision - which is set to be led by the European Central Bank (ECB) - needs to start sooner rather than later, the BBC reports.

Under the terms of the plans put forward by the European Commission last week, the ECB will run a new regulatory panel that will have direct responsibility over all 6,000 banks based in the eurozone from the beginning of 2013.

And Mr Moscovici has revealed that both his nation and Britain are in broad agreement on the need for changes, adding that the UK will play a role in the decision-making process even though it lies outside the eurozone.

"We must find agreement in the European Union before the end of 2012, with implementation then as fast as possible," he added.

By Gary Cooper