Arab Today, arab today eu on verge of bridging presummit gulf on banks watchdog
Last Updated : GMT 22:20:05
Arab Today, arab today
Arab Today, arab today

EU on verge of bridging pre-summit gulf on banks watchdog

Arab Today, arab today

Arab Today, arab today EU on verge of bridging pre-summit gulf on banks watchdog

Brussels - AFP

European governments argued through the night in a bid to agree a deal on tightening the oversight of eurozone banks, hours before leaders stage on Thursday their final summit of a gruelling third year in debt-crisis mode. After 12 hours of talks at around 0130 GMT, European Union finance ministers had found ways to overcome many of the host of divisions between countries big and small, and over which banks would be covered by which supervisors. Seen as key to taming the debt crisis and putting the bloc back on track, this first step towards a hoped-for \"banking union,\" agreed by European Union leaders in June, could be followed by a formal accord at a two-day summit starting Thursday. The timescale for implementation remains unclear -- some suggesting March 2014 would now be the earliest date, whereas the impression created in June was that a radical system would begin in January 2013. That was also to have been followed up with further banking-market integration, including an EU-wide deposit guarantee scheme -- although the prospect of that goal had already slipped beyond the horizon. Still, the upshot, according to the European Commission spokesman for financial services, was that enough of an agreement had been found for leaders to be able to say they had reached a common jumping-off point at their summit meeting on Thursday. Negotiations have been pencilled in for next Tuesday with the European Parliament, although there remains ample scope for fresh problems as the incoming Irish EU presidency takes the draft legislation forward over the coming six months. EU leaders want to tighten supervision as a condition for the bloc\'s bailout fund to be able to step in and directly recapitalise banks, instead of passing rescue funds through governments which adds to their sovereign debt loads. Both Germany and France said they believed a breakthrough was possible. Even if details remained to be worked out, German Finance Minister Wolfgang Schaeuble said: \"I am confident that we find a solution on the banking supervision in time for Christmas.\" \"The parameters of a deal are there, it\'s within reach,\" French Finance Minister Pierre Moscovici told AFP. Britain, which will not be joining the new regulatory club, wanted special voting rights that would protect the City of London global financial centre, and officials in Chancellor of the Exchequer George Osborne\'s entourage appeared happy with the guarantees obtained. Osborne himself said London had \"a huge interest in this banking union working properly ... It\'s in everyone\'s interest that we have a better working banking system in Europe.\" Finance Minister Anders Borg of Sweden, also staying out of the euro, was as ever a firm backer in the argument about restricting the scope for the European Central Bank, which speaks for the 17 eurozone states, to dominate contentious decisions affecting non-euro states. Aspects of these and other rows, such as how much money banks need to have on their books to come under the ECB\'s gaze, will likely resurface, with the new watchdog still needing parliamentary approval in key countries such as Germany. Among side issues at these talks, Berlin and Paris signalled that Greece had managed to rub out enough of its debt in a so-called \"buyback\" to expect final approval on Thursday on the release of some 40 billion euros ($50 billion) in long-blocked bailout loans. It also emerged that the conservative group in the European Parliament, the assembly\'s largest, had invited former Italian premier Silvio Berlusconi to party talks in Brussels on Thursday. Berlusconi\'s party last week ended its support for Prime Minister Mario Monti and said he would run for office, for the sixth time in the last 20 years. Berlusconi sowed confusion Wednesday by saying he could abandon his re-election bid if Monti decides to run.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu on verge of bridging presummit gulf on banks watchdog Arab Today, arab today eu on verge of bridging presummit gulf on banks watchdog

 



Arab Today, arab today
Arab Today, arab today Accessories designer reveals her new collection

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today Number of unwedded girls amounts to 2.5m

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday