Brussels, 19/03/2013 (Agence Europe) - On Tuesday 19 March 2013, the Irish Presidency of the Council of the EU managed to reach agreement in principle with the European Parliament about the eurozone bank supervision mechanism to be set up under the aegis of the European Central Bank. Internal Market Commissioner Michel Barnier welcomed the agreement, saying it would protect the integrity of the Single Market not simply because it will be open for non-euro countries, but also because it provides the opportunity to have an expanded Banking Union and gives greater powers to the European Banking Authority (EBA). MEP Marianne Thyssen (EPP/Belgium), EP rapporteur on this issue, called for the rules to be put into force rapidly, which in turn will allow the European Stability Mechanism (ESM) to directly bail out banks without affecting countries' sovereign debt. “This will put an end to the vicious circle between banks in financial trouble and governments with budgetary difficulties”, she said. The European Parliament has welcomed the fact that national parliaments have been given a bigger role, also welcoming the strict separation of monetary policy and bank supervision at the ECB and the attractiveness of the new mechanism for non-euro countries (which are urged to take part in it). Various technical details still need to be settled before the EU27 endorses the deal on Tuesday. (EL/transl.fl)