European leaders reach banking deal
After 18 months of negotiations, European Central Bank president calls agreement an “important step” for banking union.
Published On 20 Dec 2013
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.
Source: Al Jazeera