Britain threatens to block banking union

The FT reported that the United Kingdom was warning other EU countries in November 2012 that it would block a single eurozone banking supervisor unless those outside the system won more safeguards, as London expressed growing frustration that its demands were being left to last.

The European Council in October 2012 had expressed a wish for an agreement on the creation of a eurozone banking supervisor by December 2012.

The FT reported after a Council meeting of EU Finance Ministers in Brussels on the 13 November 2012 that
the discussions laid bare stark differences between several member states over the proposal that was billed as a key plank of Europe’s response to the sovereign debt crisis.

ESO: Background information: European banking union http://www.europeansources.info/record/european-banking-union/

ESO: Background information: EU bank supervision to come to life next year http://www.europeansources.info/record/eu-bank-supervision-to-come-to-life-next-year/

Council of the European Union: Press Release, PRES/12/465: EcoFin Council, Brussels, 13 November 2012 http://www.consilium.europa.eu//uedocs/cms_data/docs/pressdata/en/ecofin/133470.pdf

EUObserver, 14.11.12: Ministers at odds on banking supervision http://euobserver.com/economic/118185

EurActiv, 14.11.12: Finance ministers divided over banking union plans http://www.euractiv.com/euro-finance/finance-ministers-divided-bankin-news-516026

European Commission: DG Internal Market and Services: General policy: Financial Services Committee Architecture http://ec.europa.eu/internal_market/finances/committees/index_en.htm

EurActiv, 23.11.12: EU budget delay keeps pressure on UK over banking union http://www.euractiv.com/priorities/eu-leaders-close-budget-deal-news-516246

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