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EU Summit ends with lingering doubts over banking union

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EU leaders have finished two days of summit talks in Brussels amid doubts about an agreed banking union plan. The agenda of 20 December included the migrant crisis in the Mediterranean and the EU's setback in Ukraine, after Kiev opted for closer ties with Russia.

Earlier, new rules were agreed for bailing out or closing problem eurozone banks. The industry itself will set up a €55 billion ($75bn; £46bn) fund. But the European Parliament is sceptical about the plan as it stands. President Martin Schulz tweeted that the "system for rescuing or liquidating failing banks needs to be simpler, more effective". In another tweet, he said: "European Parliament cannot accept the single resolution mechanism for failing banks as agreed [by EU leaders]."

The deal is aimed at building an EU banking union that should minimise the need for taxpayer-funded bailouts.But it can only be implemented after negotiations with the parliament and European Commission.

 

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