It’s a Christmas miracle! Compromise reached on banking union
A group of Eurozone countries led by France has secured a key compromise from Germany in the battle for banking union, reaching a tentative agreement to create a backstop in case the European Union’s new single resolution fund runs out of money in an emergency.
The proposal, strongly resisted by Germany, was agreed upon early on Wednesday morning after seven hours of talks, with the finance ministers involved reaching a common position.
The agreement means that if the €55bn bank-funded European resolution fund is overwhelmed during the 10 year transition period while it
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