Banking Union Completed

Politics ♦ Published: December 19, 2013; 12:45 ♦ (Vindobona)

The Finance Ministers of the Eurozone have reached a compromise on the last pillar of the banking union. The deposit protection mechanism will come into power in 2015.

Banking Union Completed / Picture: © Wikimedia Commons / Blackfish [CC BY-SA 3.0 (]

The timetable for the banking union was very ambitious. Until the end of December, the Finance Ministers planned to reach a compromise on the banking union.In the last weeks, the Finance Ministers of the Eurozone resolved the bank supervision system and the common winding-up mechanism.

Now, the European Commission, the European Parliament and representatives from the national…