Baku-APA. The European Union (EU) is in urgent need to reach a general approach on the single resolution mechanism by the end of this year, European Council's President Herman Van Rompuy urged on Friday, APA reports quoting Xinhua.
In a letter concluding whole work of European Council,the executive body of the Eu, Van Rompuy said,"We can look back on many achievements, including a final deal on the Multiannual Financial Framework package. But important challenges remain."
He stressed the urgent needs for reaching an agreement on the single resolution mechanism by the end of this year in order to swiftly conclude negotiations with the European Parliament, before the end of this parliamentary term.
Served as second-pillar for so-called "banking union", the single resolution mechanism remains unsettled with some details in dispute by member states.
He also outlined the main economic topic at next week's European Summit. "We will again take stock of progress in enacting the Compact for Growth and Jobs. The Youth Employment Initiative will start operating on the 1st of January. The new instrument for increasing the financing of the economy - the SME Initiative - should begin to operate in January 2014."
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