Finance ministers ‘very close’ to agreement on banking union

EU finance ministers failed to reach agreement on setting up a single supervisor for eurozone banks after aEcoFin Council meeting in Brussels on the 4 December 2012.

Establishing a single supervisor under the European Central Bank (ECB) was seen as the first step in setting up a Europe-wide banking union.

• Primary Source

ESO: Background information: EU banking reform frustrates London http://www.europeansources.info/record/eu-banking-reform-frustrates-london/

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/

BBC News, 04.12.12: EU talks on banking supervision end without agreement http://www.bbc.co.uk/news/business-20601895

Council of the European Union: Press Release, PRES/12/501: EcoFin Council, Brussels, 4 December 2012 http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/134037.pdf

EUObserver, 5.12.12: Franco-German rift derails banking union deal http://euobserver.com/news/118415

EurActiv, 5.12.12: Franco-German rift threatens EU banking union http://www.euractiv.com/euro-finance/franco-german-rift-threatens-eu-news-516452

Público / Le Monde, 05.12.12: Race against time on banking union (via PressEurop) http://www.presseurop.eu/en/content/news-brief/3117391-race-against-time-banking-union

ECB: Introductory statement to the press conference (with Q&A), 06.12.12 http://www.ecb.int/press/pressconf/2012/html/is121206.en.html

EUObserver, 06.12.12: Draghi seeks to allay German concerns on banking union http://euobserver.com/economic/118442

EurActiv, 07.12.12: Banking union could include exceptions for local banks http://www.euractiv.com/euro-finance/policy-makers-banking-union-incl-news-516494

EurActiv, 10.12.12: Schäuble ready to compromise on banking union http://www.euractiv.com/euro-finance/schaeuble-ready-compromise-banki-news-516546

---