EU Economic and Monetary Affairs Correspondent
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Dec 18, 2013

Euro zone agrees on bank closure funding; banking union in sight

BRUSSELS (Reuters) – Euro zone finance ministers made progress on Wednesday on some details of a plan to close banks, paving the way for completion of a euro zone ‘banking union’ that is to restore confidence in the financial sector and boost growth.

More than five years into a financial storm that toppled banks and dragged down states from Ireland to Spain, Europe wants to seal its biggest project since the introduction of the euro – a framework to police banks and tackle their problems together.

Dec 18, 2013

Euro zone agrees on bank closure funding; banking union in sight

BRUSSELS, Dec 18 (Reuters) – Euro zone finance ministers
made progress on Wednesday on some details of a plan to close
banks, paving the way for completion of a euro zone ‘banking
union’ that is to restore confidence in the financial sector and
boost growth.

More than five years into a financial storm that toppled
banks and dragged down states from Ireland to Spain, Europe
wants to seal its biggest project since the introduction of the
euro – a framework to police banks and tackle their problems
together.

Dec 18, 2013

Euro zone agrees on bank closure funding; banking union in sight

BRUSSELS, Dec 18 (Reuters) – Euro zone finance ministers
made progress on Wednesday on some details of a plan to close
banks, paving the way for completion of a euro zone ‘banking
union’ that is to restore confidence in the financial sector and
boost growth.

More than five years into a financial storm that toppled
banks and dragged down states from Ireland to Spain, Europe
wants to seal its biggest project since the introduction of the
euro – a framework to police banks and tackle their problems
together.

Dec 17, 2013

Euro zone set for drawn-out battle over banking rules

BRUSSELS (Reuters) – Euro zone finance ministers face difficult talks over their plans for a banking union on Tuesday, including how to pay for the winding up of troubled banks, a deeply divisive issue on which Germany has dug in its heels.

The aim is for ministers to reach agreement in the next 36 hours, so that European Union leaders can sign off on it at a summit on Thursday and Friday. But already officials are warning that an extra finance ministers’ meeting may be necessary at the end of December if a deal cannot be reached this week.

Dec 16, 2013

EU to give itself until mid-2014 to work on reform-for-money plan – draft

BRUSSELS, Dec 16 (Reuters) – European Union leaders will
give themselves until June next year to work out how governments
can sign contracts to conduct reforms and get some form of EU
financial support in return, draft conclusions of an EU summit
this week showed on Monday.

The option of legally committing to a reform in exchange for
money would apply to euro zone countries, but be open also to
non-euro zone members of the 28-nation European Union, the draft
conclusions of the Dec. 19-20 summit said.

Dec 10, 2013

Europe moves closer to scheme to close troubled banks

BRUSSELS, Dec 10 (Reuters) – European Union countries edged
slowly towards agreeing a scheme to shut failing banks on
Tuesday, although a final deal on wider reform to prevent a
repeat financial crisis may not be reached until next week.

After a financial storm that toppled banks and dragged down
states from Ireland to Spain, the question of what to do when a
bank fails remains unanswered.

Dec 10, 2013

Putting off the details, EU ministers aim for political deal on closing bad banks

BRUSSELS, Dec 10 (Reuters) – European Union finance
ministers are likely to take a political step towards creating a
banking union with powers to close down failing banks on
Tuesday, but leave nagging legal details to another time,
perhaps next week.

The ministers, meeting in Brussels, expect to reach a broad
political deal on how to close down failing euro zone banks. But
the precise details of how it will work will probably come late.

Dec 9, 2013

Europe tries to cut deal to close failing banks

BRUSSELS, Dec 9 (Reuters) – European countries are seeking
to agree before year-end on how to close failing lenders, part
of an ambitious plan to create a single banking framework and
fix broken banks whose problems have festered since the
financial crisis.

The main issues are: Who decides and who pays?

Under pressure to strike a deal by the time European Union
leaders hold a summit next week, finance ministers will try to
resolve ongoing differences during two days of talks. Euro zone
ministers gather on Monday and they will be joined by EU
counterparts outside the currency bloc on Tuesday.

Dec 6, 2013

Europe struggles to agree plan to close sick banks

BRUSSELS (Reuters) – European ministers make a fresh attempt next week to agree a blueprint to close failing banks but progress is uncertain as the fundamental questions of who gets the power to close a bank and how to pay the bill remain open.

As the dust settles from a financial storm that toppled banks and dragged down states from Ireland to Spain, the question of what to do when a bank fails remains controversial.

Dec 4, 2013

Analysis: Euro zone likely to backstop banks with promises rather than cash

BRUSSELS (Reuters) – Euro zone governments have set aside almost no money to make good on their promise to recapitalize ailing banks after a health check next year.

A Reuters survey of euro zone backstops showed very few governments have any money earmarked for such a purpose. If called upon, they would have to prop up their lenders with bonds or guarantees rather than cash.

    • About Jan

      "Based in Brussels since 2005, I cover economic policy news from the European Commission, EU and euro zone economic data, monthly meetings of EU/euro zone finance ministers as well as G7/8/20 meetings. Before Brussels I was a correspondent in Stockholm for five years, covering technology stocks and the Swedish central bank. I was earlier a correspondent in Poland for seven years, covering macroeconomic policy, bond, forex and money markets, the central bank and politics."
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