European Union’s finance ministers will be asked on Thursday to back an aggressive timetable which could see leaders agreeing to a radical overhaul the bloc’s patchy system of financial supervision by December.

Mats Odell, Sweden’s financial markets minister, said his country – which currently holds the EU presidency – would push for broad political agreement for the proposed reforms at the December council meeting, and ask Thursday’s informal meeting of EU finance ministers in Gothenberg to support that timetable.