By The Associated Press
President of the Eurogroup Jeroen Dijsselbloem speaks during a news conference of the Informal Meeting of Ministers for Economic and Financial Affairs (ECOFIN) in the National Art Gallery in Vilnius, Lithuania, Friday, Sept. 13, 2013. (AP Photo/Mindaugas Kulbis)
BANK SAFE: Finance ministers in Europe are trying to assemble a comprehensive agreement meant to strengthen the banking sector. But Germany, the continent’s biggest economy, is holding out.
SO FAR: The European Parliament this week passed legislation that would allow for its central bank to anchor centralized banking oversight. Europe must now resolve how it will deal with failed banks, the continent’s most important initiative in turning the tide on a three-year-old debt crisis.
THE RUB: Most European countries are pushing for a powerful centralized authority to deal with bank failures. Germany, however, only wants stronger cooperation between existing national watchdogs and a limited change of the European Union treaties.
Europe, Industries, Business, Financial markets, Financial crisis, Economy, Financial services, Banking and credit, European Union
