European leaders reach banking deal

After 18 months of negotiations, European Central Bank president calls agreement an "important step" for banking union.

Last updated: 20 Dec 2013 01:49
Email Article
Print Article
Share article
Send Feedback

Europe's political leaders have agreed on a strategy aimed at ending the cycle of economically weak nations attempting to bail out struggling banks on their own.

There would be three so-called pillars of support - including a banking supervisor at the European Central Bank in Frankfurt - and the banks themselves would build up their own bailout fund of $75bn.

EU finance ministers now face the challenging task of getting the deal through the European Parliament.

Al Jazeera's Simon McGregor-Wood reports from Brussels.


Al Jazeera
Email Article
Print Article
Share article
Send Feedback
Topics in this article
Featured on Al Jazeera
Your chance to be an investigative journalist in Al Jazeera’s new interactive game.
An innovative rehabilitation programme offers Danish fighters in Syria an escape route and help without prosecution.
Street tension between radical Muslims and Holland's hard right rises, as Islamic State anxiety grows.
Take an immersive look at the challenges facing the war-torn country as US troops begin their withdrawal.
Private citizens take initiative to help 'irregular' migrants, accusing governments of excessive focus on security.
Indonesia's cassava plantations are being killed by mealybugs, and thousands of wasps have been released to stop them.
Violence in Ain al-Arab has prompted many Kurdish Syrians to flee to Turkey, but others are returning to battle ISIL.
Unelected representatives quietly iron out logistics of massive TPP and TTIP deals among US, Europe, and Asia-Pacific.
Led by students concerned for their future with 'nothing to lose', it remains to be seen who will blink first.