13.30 Mr Barnier and his team did think about setting up a completely new body to supervise the banks, but decided to use the ECB's resources "to prevent more bureaucracy,"
He repeats that the ECB will be supported by national supervisors, "they will provide a network of expertise for the single supervisor," says Mr Barnier.
13.26 Mr Barnier also calls for a more stringent deposit protection scheme, with a clear "recovery and resolution framework". Creditors must also stump-up the cash when banks get into trouble, not just taxpayers, he says.
13.25 National supervisors will retain responsibility, especially with regards to the protection of consumers, says Mr Barnier.
Those not in the euro area but in the EU may decide to join, says Mr Barnier, but for those who don't, supervision in these countries will not change at all.
13.21 Mr Barnier says that there will not be a dramatic change on January 1 next year, as the ECB would not be able to monitor all banks by then. This would not be "a serious approach" to take, he says.
Mr Barnier adds that the supervisor "may go and look at certain aspects of a given bank which may pose a risk". The biggest banks will be monitored on a regular basis, he says, especially those that have received state aid.
He hopes that a supervisor for all eurozone banks will be up and running by July 2014.
13.10 Mr Barnier says the proposals aim to monitor the sources of risk for member states. "We have to put in place a better and more efficient system to cover all banks in Europe," he says. "This is very important because the banking issues raised by some become the issue of others because of the interconnectedness that can have a knock-on effect."
We're not just talking about a technical issue, it's a political issue, he says.