Herman Van Rompuy: 'We are working with an objective'

EU leaders have agreed to phase in a single supervisory body for eurozone banks during the course of next year.

A legislative framework is to be agreed among member states by 1 January 2013.

The European Central Bank (ECB) will be given supervisory responsibility, with the power to intervene in any bank within the eurozone.

Speaking at a news conference after the summit, the President of the European Council Herman Van Rompuy said there was general agreement on the principles but the detail was still being worked out.