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Eurozone banking union on the cards

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Eurozone banking union on the cards

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France believes the bailout package to aid Spanish banks is the first step towards a eurozone banking union.

Socialist President Francois Hollande backs the banking union to help provide stability and solidarity, while at the same time promoting growth.

Hollande wants the European Investment Bank to loosen the purse strings and lend more to help boost Europe’s flagging economy.