EU FinMins fail to reach agreement on uniform bank supervision.

5 Dec

E.U failure

BRUSSELS, Dec. 4 (Xinhua) — European Union (EU) finance ministers have failed to reach an agreement on a uniform supervisory mechanism for European banks, Cypriot Finance Minister Vassos Shiarly said here on late Tuesday.Cypriot Fin Min Shiarly, whose country is currently holding the rotating presidency of the EU said ministers have so far failed to reach an agreement on a uniformed supervisory mechanism for Europe’s banks

“We have almost reached an agreement apart from a limited number of articles,” Shiarly added that the ministers had “mandated the ad hoc working group to continue its examinations” on the unresolved issues such as the European Banking Authority (EBA) voting, and that an extraordinary meeting would be called on Dec. 12.

The failed talks came as time was running out to draw up the legal framework for an EU-wide banking union by the end of the year.

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