Draghi allies with MEPs against a bad banking union

European Central Bank (ECB) President Mario Draghi gave a sceptical reaction to a German-led compromise on banking union, saying that it could create a regime 'that is single in name only'.

Speaking at a hearing with the European Parliament's economic affairs committee on the 16 December 2013, Mr Draghi urged MEPs to agree 'a strong and credible resolution mechanism. with ministers.

Spiegel Online International, 16.12.13: 'Brutal Power Politics': Merkel's Banking Union Policy Under Fire http://www.spiegel.de/international/europe/criticism-in-brussels-german-banking-union-policy-under-fire-a-939314.html

Spiegel Online International, 11.12.13: EU Wrangling: Berlin Plays It Safe on Banking Union http://www.spiegel.de/international/business/berlin-plays-it-safe-on-planned-eu-banking-union-a-938431.html

EUObserver, 17.12.13: Draghi sceptical on German bank union plan http://euobserver.com/news/122496

ESO: Background information: Commissioner Barnier welcomes trilogue agreement on the framework for bank recovery and resolution / EU strikes deal on resolution mechanism for failed banks http://www.europeansources.info/record/memo-commissioner-barnier-welcomes-trilogue-agreement-on-the-framework-for-bank-recovery-and-resolution-eu-strikes-deal-on-resolution-mechanism-for-failed-banks/

ESO: Background information: Germany opposes rescuing ailing banks with EU money http://www.europeansources.info/record/germany-opposes-rescuing-ailing-banks-with-eu-money/

ESO: Background information: A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone http://www.europeansources.info/record/memo-a-comprehensive-eu-response-to-the-financial-crisis-substantial-progress-towards-a-strong-financial-framework-for-europe-and-a-banking-union-for-the-eurozone/

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