As Cyprus continues to fizz with uncertainty, EU officials say they have cleared some major obstacles on the way to establishing full banking union to help stabilise the eurozone.
Agreement has been reached on the legal framework to create a centralised banking supervisor.
Sven Giegold is an MEP involved in drafting the legislation:
“The compromise we have found today is a breakthrough for a common banking supervision. It is important that the culture of ever decreasing standards in bank supervision is finally over. It means it is no longer about protecting one’s own financial centre and big banks will be overseen equally in a European way.”
Last year EU leaders agreed to establish joint banking supervision, which will act under the umbrella of the European Central Bank.