Germany, Finland, Netherlands begin to unravel EU banking union plans

EurActiv reported that Germany, the Netherlands and Finland issued a joint declaration on the 25 September 2012 that appeared to unravel much of what was agreed at the European Council summit in June 2012, when EU leaders paved the way for the direct recapitalisation of troubled eurozone banks.

• Primary Source

ESO: Background information: ECB to face biggest test on euro gambit http://www.europeansources.info/record/ecb-to-face-biggest-test-on-euro-gambit/

Finland: Ministry of Finance: Press releases: Joint Statement of the Ministers of Finance of Germany, the Netherland and Finland http://www.vm.fi/vm/en/03_press_releases_and_speeches/01_press_releases/20120925JointS/name.jsp

EUObserver, 26.9.12: Eurozone hawks deal blow to bank bailout plans http://euobserver.com/economic/117670

ESO: Background information: ECB to become bank union supremo from mid-2013 http://www.europeansources.info/record/ecb-to-become-bank-union-supremo-from-mid-2013/

ESO: Background information: Euro blueprint maps way to banking union http://www.europeansources.info/record/euro-blueprint-maps-way-to-banking-union/

Süddeutsche Zeitung, 27.9.12: Germany, Netherlands and Finland in reverse gear (via PressEurop) http://www.presseurop.eu/en/content/news-brief/2770201-germany-netherlands-and-finland-reverse-gear

Ireland: Department of Finance: Speech, 26.9.12: The implications for Ireland of yesterday's statement by the Finance Ministers of Germany, the Netherlands and Finland on the role of the ESM in recapitalising banks http://www.finance.gov.ie/viewdoc.asp?DocID=7364

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