EU finance ministers seek to revive banking union plan

EU finance ministers have pledged to revitalise a half-finished project to strengthen eurozone banks, saying the disagreements that stymied progress should be resolved by the summer time.

At a meeting in Brussels on Tuesday, the French and German finance ministers had been among those stressing the ought to unblock talks around the eurozone’s banking union to develop momentum for other reforms for the currency bloc.

The idea for any banking union was conceived at the height from the sovereign debt crisis to restore faith within the monetary system by establishing EU-wide authorities to supervise banks and manage crises.

“I think, as do many around the table, that the completion in the banking union is not a dossier among other individuals, it truly is one of the most crucial dossiers,” stated Peter Altmaier, Germany’s acting finance minister.

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