EU to Present Banking Union Blueprint at Summit

EU Commission President Jose Manuel Barroso says a blueprint for a banking union and supervision of the banking system will be presented at the EU's October summit as part of measures to raise confidence in the euro currency.

Barroso spoke with reporters Saturday after meeting with Malta Prime Minster Lawrence Gonzi following a gathering of five southern European countries with five North African nations.

The European leaders meeting alone on Friday affirmed that the EU will work to have the banking supervision system operational by January.

Barroso said European officials must make concrete decisions to create confidence around the single currency, beset with an ongoing sovereign debt crisis.

Barroso said he hopes the "momentum is not lost."

The next EU summit is in Brussels Oct. 18-19.