Brussels, 03/08/2012 (Agence Europe) - Banking Union, which will create a eurozone bank regulator overseen by the European Central Bank (ECB) will cover all banks in the eurozone, said EU Internal Market Commissioner Michel Barnier in an interview in French newspaper La Libération on Friday 3 August 2012. He said that there are some 6,000 banks in the eurozone, all of which will be regulated by the ECB. Barnier added that national bank regulatory bodies would continue to monitor banks, however, because the ECB couldn't do everything and it makes sense for there to be a problem-solving body in member states, shored up by the ESM (the soon-to-be-established new eurozone bailout fund). The European Commission is working flat out on a draft regulation to be unveiled in September on the new eurozone bank regulation system, as decided by the eurozone summit in June this year (see EUROPE 10645). Changes will also be made to the draft legislation on a European savings deposit system and the European bank restructuring rules. Barnier hoped that Banking Union could come on stream in the eurozone in 2014. (MB/transl.fl)