With Germany's backing, EU nears banking union deal |
| Reuters Canada - Dec 12, 2012 |
European governments neared a deal on Wednesday to give the European Central Bank new powers to supervise banks across the bloc after Germany signaled a readiness to compromise on the scope of the ambitious financial reform.
Last week German Finance Minister Wolfgang Schaeuble had clashed openly with his French counterpart Pierre Moscovici over key elements of the plan, but with time running out to meet a year-end deadline, they narrowed their differences, raising hopes of a breakthrough.
Agreement on a common bank supervisor is a crucial first step towards a broader "banking union", or common euro zone approach to dealing with failing banks that in recent years have dragged down countries like Ireland and Spain.
"We think that we have a good chance to reach a deal today," Schaeuble told journalists ahead of a meeting in Brussels with his European Union peers. "My intention is that we find a solution to the banking union on time before Christmas."
Read Full Article from Reuters Canada
- Posted: 2012-12-12 14:55:38
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