Europe's leaders have agreed to start building a single banking union for the eurozone from the beginning of next year.
At a meeting in Brussels, the leaders agreed that the European Central Bank should have the power to intervene in any of the eurozone's 6,000 banks.
Legislative framework is to be in place by January 1 next year.
But questions remain over exactly when the scheme will start, whether non-euro countries can join, and exactly when any new rescue funds can be used to directly recapitalise banks.
Some believe German chancellor Angela Merkel wants to delay any prospect of using more funds to bail out Spain's banks before Germany's elections in September next year.
The bird's eye bank supervision is supposed to anchor a re-designed economic and monetary union that leaders are beginning to believe - after three years in full crisis mode - can make the euro more attractive to EU states still outside the currency bloc. Full story...
Related posts:
At a meeting in Brussels, the leaders agreed that the European Central Bank should have the power to intervene in any of the eurozone's 6,000 banks.
Legislative framework is to be in place by January 1 next year.
But questions remain over exactly when the scheme will start, whether non-euro countries can join, and exactly when any new rescue funds can be used to directly recapitalise banks.
Some believe German chancellor Angela Merkel wants to delay any prospect of using more funds to bail out Spain's banks before Germany's elections in September next year.
The bird's eye bank supervision is supposed to anchor a re-designed economic and monetary union that leaders are beginning to believe - after three years in full crisis mode - can make the euro more attractive to EU states still outside the currency bloc. Full story...
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- With every hour that passes, we need the EU less and less...
- Spanish rallies turn violent as million people protest in 80 cities
- Iceland shows Europe how to survive bankruptcy...
- Nigel Farage destroys Barroso's State of the European Union...
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