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Commissioner Michel Barnier said that "great progress has been made in very little time."

EU ministers clinch deal on failed banks

EU finance ministers have agreed new rules on how to wind up failed banks - the key pillar of a "banking union" designed to stop a repeat of the crisis.

The deal, finalised in Brussels late on Wednesday (18 December) after more than 12 hours of talks, makes good on earlier promises to reach a common position by the end of the year.

The new regime applies to all 17 eurozone countries, but allows non-euro states to sign up if they want.

Under the compromise, the banks themse...

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

Commissioner Michel Barnier said that "great progress has been made in very little time."

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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