Irish Examiner – Europe Banking Union Set Be Complex And Political – 23 December 2013

Irish Examiner

Europe’s efforts to form a united front behind eurozone banks are reaching a climax, but many fear they will fail to restore confidence and prove flimsy should another crisis strike.

By John O’Donnell

After more than a year of talks, ministers from across the EU agreed early on Thursday, a scheme to close failing banks, but the process will be complex and politicised. An agency and fund to wind down bad banks, working in tandem with the ECB as the new watchdog, is an important step towards banking union, but the loose ends could lead to the complete unravelling of the project.

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