EU finance ministers face the mammoth task of finalizing everything on banking union that was set out in principle by their leaders at a December summit, since when not much has happened. Last night, the Eurogroup of euro zone finance ministers made little progress bar agreeing that they needed to agree quickly.
Angela Merkel’s CDU and the centre-left SPD have agreed to begin formal coalition talks conditional on securing support from a meeting of 200 senior SPD members scheduled for Sunday. The party is scarred by its experience of coalition in the last decade, when its support slumped, but it’s probably the lesser of two evils since a new vote would be quite likely to increase Merkel’s support. She only just missed out on a rare overall majority first time around.