European leaders call for banking supervision

VALLETTA, Malta -- Leaders of five European countries have agreed that the European Union must pave the way towards a single European banking supervision system to be operational by January.

The leaders of France, Italy, Spain, Portugal and Malta said in a statement at the end of their meeting Friday on the sidelines of a wider southern European and northern Africa summit that system should be decided by the end of the year.

The leaders discussed the economic situation in the eurozone before a summit in Brussels on Oct. 18-19.

They reiterated calls for swift implementation of the decisions adopted at a June summit and confirmed their determination to work together to preserve the stability and integrity of the euro area.