EU urges completion of banking union in 2018

The EU Wednesday urged the swift completion of the European banking union, which has been effectively blocked by a reluctant Germany.

Since the worst days of the financial crisis, eurozone governments have radically overhauled supervision of major banks in the 19-nation currency bloc in order to prevent another financial implosion in Europe.

The last pillar of banking union is the European deposit insurance scheme, a centralised system that would guarantee money sitting in personal accounts across the eurozone.

The new system will pool the funding of this guarantee for countries in the eurozone.

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Article source: http://www.dailystar.com.lb//Business/International/2017/Oct-11/422343-eu-urges-completion-of-banking-union-in-2018.ashx