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Talks on European banking union end in failure

brussels bureau

Talks on European banking union end in failure


Talks between EU finance chiefs ended on Tuesday without an agreement on a proposed European banking union.

Ministers met in Brussels earlier to discuss how best to structure a single supervisor for eurozone banks.

But disagreements remain on the EU should so, with Germany concerned about the ECB’s potential involvement compromising its independence.

Berlin also opposes its savings banks from coming under supervision at the European level.

Austrian Finance Minister Maria Fekter criticised the German position on her arrival to the talks.

“There are countries who insist very much on the fact that smaller banks should not be supervised by the central unit (banking supervision of the ECB),” she told reporters.

Euronews’ Rudolf Herbert said: A legal basis for the European banking supervision, considered as an important step towards the stabilisation of the euro zone, has to be created by January the 1st. This has been decided weeks ago by the leaders of the European Union. So time is running out.”

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