Economics

EU finance ministers reach banking union deal

EU finance ministers Wednesday reached a banking union accord which will hand Brussels unprecedented new powers to prevent failing banks from wrecking the economy, official sources said.

19.12.2013

(AFP) EU finance ministers Wednesday reached a banking union accord which will hand Brussels unprecedented new powers to prevent failing banks from wrecking the economy, official sources said.

"Today is a momentous day for banking union," EU Financial Markets Commissioner Michel Barnier said after some 12 hours of tough talks.