"Jose Manuel Barroso, the president of the European Commission,...

"Jose Manuel Barroso, the president of the European Commission, has urged EU countries to take “a very big step” towards deeper integration by backing a banking union that would hand a single authority the power to wind down ailing banks without the approval of national governments."

At http://www.telegraph.co.uk/finance/debt-crisis-live/9325838/Debt-crisis-live.html

My comments: Nice. Imagine if Australia lost the authority to decide what happened with any of our financial institutions that might get into trouble.

A Wikipedia read on Barroso is interesting. For example: "In 2003, Barroso hosted U.S President George W. Bush, British Prime Minister Tony Blair and Spanish Prime Minister José María Aznar in the Portuguese island of Terceira, in the Azores. The four leaders finalised the controversial US-led 2003 invasion of Iraq. Under Barroso's leadership, Portugal became part of the "coalition of the willing" for the invasion and occupation of Iraq, sending non-combat troops."

At http://en.wikipedia.org/wiki/Jos%C3%A9_Manuel_Barroso