Eurozone banking Union dealing with finance ministers
European finance ministers have agreed on a euro area banking union ahead of an EU summit in Brussels. The deal follows months of intense negotiations among Member States, and it will now be sent to the European leaders later Thursday.
New rules for sound banking operations is seen as crucial for the euro's strength, as bank failures led to the financial crash.The The EU has already agreed that the European Central Bank (ECB) will act as the main proponent of euro area banks.
"We have reached the main points of a European Banking Authority, which must have its work in 2014 to establish," said German Finance Minister Wolfgang Schäuble, after 14 hours of negotiations ended shortly before sunrise.
The agreement gives the ECB's competence to conclude euro area banks that do not comply with the rules. It also paves the way for euro zone rescue fund to go to help struggling banks.
"Piece by piece, brick by brick, the banking union to be built on this first decisive step today," said EU Commissioner Michel Barnier.
"Improving integration"
France and Germany seem to have reached a compromise on the scope of the new regulatory powers of the ECB. The problem has long been the threshold at which the ECB will intervene - Germany claims that many of the regional banks are too small to merit the ECB.
Top of the President of the European Council President Herman Van Rompuy, will try to make a commitment to SSM to launch in January 2014 to get. His vision for radical eurozone integration is documented in a report, which will be the focus of discussions.
"Legal Issues"
Only two EU countries - the United Kingdom and Denmark - have formal reservations from the euro. The others are still outside the euro like to work with, and can apply to the banking sector union in the meantime.
The leaders will probably measures treaty could lead to the European elections in mid-2014, to avoid because the treaty is almost always a major concern for the EU. It took seven years for the EU Lisbon Treaty to approve.
Constitutional Court in Germany has its legal muscle tension euro area integration. There is strong opposition in Germany and other richer euro countries to further taxpayer-funded bailouts for banks guilty and governments.
European finance ministers have agreed on a euro area banking union ahead of an EU summit in Brussels. The deal follows months of intense negotiations among Member States, and it will now be sent to the European leaders later Thursday.
New rules for sound banking operations is seen as crucial for the euro's strength, as bank failures led to the financial crash.The The EU has already agreed that the European Central Bank (ECB) will act as the main proponent of euro area banks.
"We have reached the main points of a European Banking Authority, which must have its work in 2014 to establish," said German Finance Minister Wolfgang Schäuble, after 14 hours of negotiations ended shortly before sunrise.
The agreement gives the ECB's competence to conclude euro area banks that do not comply with the rules. It also paves the way for euro zone rescue fund to go to help struggling banks.
"Piece by piece, brick by brick, the banking union to be built on this first decisive step today," said EU Commissioner Michel Barnier.
"Improving integration"
France and Germany seem to have reached a compromise on the scope of the new regulatory powers of the ECB. The problem has long been the threshold at which the ECB will intervene - Germany claims that many of the regional banks are too small to merit the ECB.
Top of the President of the European Council President Herman Van Rompuy, will try to make a commitment to SSM to launch in January 2014 to get. His vision for radical eurozone integration is documented in a report, which will be the focus of discussions.
"Legal Issues"
Only two EU countries - the United Kingdom and Denmark - have formal reservations from the euro. The others are still outside the euro like to work with, and can apply to the banking sector union in the meantime.
The leaders will probably measures treaty could lead to the European elections in mid-2014, to avoid because the treaty is almost always a major concern for the EU. It took seven years for the EU Lisbon Treaty to approve.
Constitutional Court in Germany has its legal muscle tension euro area integration. There is strong opposition in Germany and other richer euro countries to further taxpayer-funded bailouts for banks guilty and governments.
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