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EU agrees on new banking regulations

Finance minister meetings in Brussels
Finance minister meetings in Brussels Copyright Reuters
Copyright Reuters
By Euronews with Reuters
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Finance ministers of the 28 EU countries reach agreement

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European Union Finance ministers have reached a breakthrough agreement to reform bank capital rules in what is considered a step towards strengthening the bloc's financial stability.

Friday's accord was the result of 18 months of negotiations between the 28 EU governments to iron out how to apply the financial regulations put in place after the 2008 financial crisis.

Germany and France fully backed the agreement while other members, including Italy and Greece, called for the deal to be matched by an agreement on sharing banking risk by June.

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