Banking Union Details to be Discussed in Emergency Meeting

Yesterday’s meeting of finance ministers in Brussels failed to establish crucial details over bail-in according to the Financial Times. The negotiations did produce a draft compromise broadly based on Germany’s revised position (see this blog post for more details).  The financing details will be left to an emergency meeting on the eve of the next EU summit in Brussels on 19 December 2013.  In the event Brussels rejects the board proposal, the plans would need the approval of the European Commission or a majority vote of banking union member states.

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