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Eurozone finance ministers to hold extra 'Banking Union' meeting

12 December 2013, 15:39 CET
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(BRUSSELS) - Eurozone finance ministers will hold an additional meeting Tuesday, just before talks with their non-euro partners, on an ambitious "Banking Union" plan meant to avert another crisis, sources said.

The 17 eurozone ministers will meet Tuesday at 1830 GMT, said aides to Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup.

On Wednesday, they will join their 11 non-euro colleagues to resume difficult negotiations on a Single Resolution Mechanism which will have the authority to close down a failing bank before it can damage the economy.

Eurozone and then EU ministers met Monday and Tuesday this week but reached agreement only on the general principles involved when they were supposed to come up with a final document for EU leaders to approve at a summit December 19-20.

It was agreed then that the 28 would meet next Wednesday in an effort to get a full agreement.

The plan is for the SRM to work from November 2014 in tandem with a Single Supervisory Mechanism, which was only agreed after 13 months of tough negotiations.

The SSM, the SRM plus a deposit guarantee system also under discussion to reassure savers at times of stress, are the main elements of Banking Union which is designed to ensure that the banks avoid the risky excesses of the past.


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