Economics

The long road to an EU banking union

EU finance ministers, among them Luxembourg's new Finance Minister Pierre Gramegna, are set for marathon talks on Tuesday to clinch an agreement on a fully-fledged banking union they hope will prevent a repeat of recent crises and encourage banks to resume lending.

10.12.2013

(AFP) EU finance ministers, among them Luxembourg's new Finance Minister Pierre Gramegna, are set for marathon talks on Tuesday to clinch an agreement on a fully-fledged banking union they hope will prevent a repeat of recent crises and encourage banks to resume lending.

Under discussion is the creation of a single body to decide whether to wind up failing banks, a fund with emergency cash in the event of a banking crisis and a scheme to protect individual savers.