David Cameron hails eurozone bailout deal I think the countries of the eurozone did take some important steps forward last night. For a long time we've been saying more action needs to be taken for short terms financial stability, more to recapitalise banks, to use firewalls to drive down bond spreads and interest rates, to create greater stability," he said. I think they took some important steps forward last night and I very much applaud that. There is still important work to do, and that's what we'll be doing today. British officials were also celebrating a victory over proposals that might have subjected the City to regulation under plans for a eurozone "banking union." Herman van Rumpoy, the European president, and the European Commmission had proposed that banking supervision take place at an EU-level, applying to "all banks" in the 27 member-states. But the final conclusions of the summit will show that the proposal has been rejected and that common banking supervision will be confined to the 17 eurozone states.