Rompuy: ECB could be effective in 2013

European Council President Herman Van Rompuy said the 27 leaders agreed at a Brussels summit to adopt a legal framework by the end of the year giving the European Central Bank overall responsibility for banking supervision.

After almost 10 hours of talks, he told a news conference:

Once this is agreed, the single supervisory mechanism could probably be effectively operational in the course of 2013.

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Cameron: EU 'false choice'

David Cameron has insisted it is in the UK's national interest to be part of the European Union.Speaking at the European Summit in Brussels, he said there was a "false choice" between going along with all of the reforms of the Union and leaving it.