European leaders reach banking deal

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

    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


    YOU MIGHT ALSO LIKE

    Trump's Middle East plan: Decoding a century of failed deals

    Trump's Middle East plan: Decoding a century of failed deals

    Al Jazeera read all 181 pages of 'the deal of the century', comparing its language with 100 years of failed agreements.

    We foreigners: What it means to be Bengali in India's Assam

    We foreigners: What it means to be Bengali in India's Assam

    As tensions over India's citizenship law shine a light on Assam, a writer explores the historical tensions in the state.

    Sentenced to death for blasphemy: Surviving Pakistan's death row

    Sentenced to death for blasphemy: Surviving Pakistan's death row

    The story of a man who spent 19 years awaiting execution reveals the power of a false blasphemy claim to destroy a life.