"We don't have a definite agreement (…) but we have taken a big leap forward in order to reach it"
- Rimantas Sadzius, the Lithuanian finance minister and current president of Ecofin
The idea of the so-called banking union emerged after a severe financial crisis almost destroyed the banking sector in countries like Spain, Cyprus or Greece. The first pillar of the union, the single resolution mechanism is already moving to its conclusion, as leaders agreed to appoint the ECB as the supervisor of bloc's banks. While the worst for the financial sector is over, some countries like Germany are still reluctant to set a precedent by helping to repair banks. Amid the remaining questions, it is still unclear who will have the least word in case national authorities and the European Commission disagree. Hence, Germany, Finland and Slovakia want to have the final say to go to the EU ministers if required.
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