EU talks on banking union to expose divisions
BRUSSELS – European finance ministers inched toward strengthening their banking sectors and the management of their economies at a meeting in Brussels on Tuesday, but put off decisions on comprehensive solutions to the region’s financial crisis.
Weakness in the banking sector and inadequate monitoring of national budgets were among the prime causes of Europe’s three-year crisis, which has seen several countries struggle with too much debt. Fixing those areas is crucial not only to ending the current crisis but also preventing a repeat.
European leaders have agreed, in theory, to cede significant amounts of sovereignty to fix those problems. As part of this plan, the European Central Bank will be put in charge of all of the banks in the 17 countries that use the euro by as early as next year. And they have proposed giving the European Commission, the European Union’s executive arm, the power to review and even reject their national budgets to prevent against overspending.
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