The Eurogroup have discussed the creation of a central rescue agency to wind up failing banks, but Germany says a Treaty change would be needed for the project to go ahead. The proposal would be a mainstay of any future banking union.
Jeroen Dijsselbloem, the Eurogroup president, said: “We must, while we are discussing the Treaty change, work on the other building blocks. The banking union cannot wait. There are a number of elements that have to start: the single supervising mechanism can start, the capital requirements have to be put in place, we have to work on a resolution directive.”