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EU clinches deal ahead of banking union showdown | News | DW.DE | 13.12.2012

Thursday has brought an early morning deal between EU finance ministers on a new banking supervisor. It is a single but important step towards a full banking union.

European finance ministers struck a deal in the early hours on Thursday to give the European Central Bank (ECB) new supervisory powers over eurozone banks.

"We have a deal," confirmed an EU official. The news immediately impacted on the markets, sending the euro to a high of 1.3080 against the U.S. dollar.

by In Wales (inwales aaat eurotrib.com) on Thu Dec 13th, 2012 at 01:07:44 PM EST
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Low expectations ahead of EU summit | Europe | DW.DE | 13.12.2012

EU leaders have agreed to stabilize Europe's financial system with a banking union. But as the ideas become more concrete, disagreements among the decision makers have been growing ahead of this week's summit.

This week's summit is likely to combine the worst of two worlds: meager results with a lot of quarreling.

When EU leaders meet on Thursday and Friday in Brussels, they have to reach agreement on at least one thing, EU Commission President Jose Manuel Barroso said on Wednesday (12.12.2012): what an agreed common body to supervise Europe's banks will look like in detail. This, Barroso said, was the "most important step" toward strengthening the common economic and monetary union.

by In Wales (inwales aaat eurotrib.com) on Thu Dec 13th, 2012 at 01:16:29 PM EST
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EUobserver.com / Economic Affairs / 'Disappointment' for those expecting ambitious EU summit

BRUSSELS - EU leaders will gather in Brussels on Thursday and Friday (13-14 December), but market pressure has waned recently, taking member states' ambitions for further steps to economic and monetary union with it.

The scaling back of ambition forced EU council President Herman Van Rompuy to re-write a timetable on further economic integration to make it less prescriptive.

by In Wales (inwales aaat eurotrib.com) on Thu Dec 13th, 2012 at 01:25:42 PM EST
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Don't expect `big bang summit', EU diplomats say | EurActiv

European leaders will seek to agree on a "deep and genuine European monetary union" during a two-day summit that begins today (13 December), but diplomats say it should not be seen as a "big bang" event.

The draft summit conclusions, obtained by EurActiv France, say that the preparatory work conducted by European Council President Herman Van Rompuy together with the presidents of the Commission, European Central Bank and the Eurogroup was "useful".

But the draft adds that these issues "will take more time and will require in-depth consultations with the member states".

EU leaders"will discuss these questions after the election of a new European Parliament and the appointment of a new Commission," the text continues.

The European elections are scheduled for May 2014 and "some of these issues may imply a change to the Treaties," the document says, reflecting the reluctance of EU countries to re-open big institutional debates.

by afew (afew(a in a circle)eurotrib_dot_com) on Thu Dec 13th, 2012 at 03:54:02 PM EST
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