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.

• Primary Source

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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