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ECOFIN on the way to banking union

EU finance ministers on Wednesday framed the political deal of the banking union, but delayed the fight over the crucial details of sharing bank failure costs until the next week.

Intense Brussels negotiations produced a draft that is mostly based on Germany’s revised position. However, several countries raised strong objections to Berlin-backed conditions that give big countries  a greater voting power to block the release of common resolution funds. All the details will be discussed on the final emergency meeting next Wednesday, on the eve a summit of EU leaders. 

 "We have made great progress, we are 95% of the way there," said French Finance Minister Pierre Moscovici. At next week's meeting, ministers "will go over the technical details and harmonise their positions", Moscovici said.

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