Wednesday, December 12, 2012

With Germany on side, EU nears banking union deal

Germany signaled on Wednesday it was ready to back plans for the European Central Bank to be made the chief supervisor of banks, raising the prospect of a breakthrough on the European Union's most ambitious financial reform.

Finance Minister Wolfgang Schaeuble told the German cabinet he was "optimistic" about a deal ahead of a meeting of EU finance ministers in Brussels on Wednesday, a German official said, speaking on condition of anonymity.

http://www.reuters.com/article/2012/12/12/us-eu-banking-idUSBRE8BB00820121212