The President of the European Commission, Jose Manuel Barroso, Thursday warmly welcomed the agreement reached today morning by EU finance ministers on the creation of a Single Supervisory Mechanism for banks in the Eurozone. \"This is a crucial and very substantive step towards completion of the banking union and a timely step forward in the integration of financial supervision for the euro area,\" he said in a statement. \"We now hope that the co-legislators are able to finalize the agreement on the Single Supervisory Mechanism as quickly as possible,\" he added.