Eurozone ‘outs’ fear banking union plan

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Series Details 2.10.12
Publication Date 02/10/2012
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Article reported that the drive towards eurozone banking union as proposed by the European Commission in September 2012 faced political obstacles including a backlash from EU members outside the single currency club.

EU officials are said to be taken aback by the vociferous objections of so-called eurozone ‘outs’ to their blueprint for a single bank supervisor – a reform proposal that would need the backing of all 27 EU countries to become law.

Related Links
ESO: Background information: ECB to become bank union supremo from mid-2013
ESO: Background information: Non-euro countries raise concerns on banking union
Spiegel Online International, 10.10.12: IMF Demands Swift Banking Union in Europe

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