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Eurozone finance ministers are edging closer to a banking union deal after Germany and other EU member states agreed an outline for a failed bank rescue fund using national and centralised resources, reports the Financial Times.
French finance minister Pierre Moscovici told the FT that plans were under discussion to create a system involving a central fund - as favoured by the EU - and a network of national funds - as preferred by Germany.
Moscovici said the new scheme would involve a “single resolution fund and a role given to national input,” and denied this structure was contradictory. The FT adds –
The details of how this hybrid scheme – essentially a network of national funds under a single EU umbrella – will operate is likely to be one of the most contentious elements of a final deal.
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