Tuesday 12 December 2017

Bank union is EU credibility test – Kenny

TAOISEACH Enda Kenny says finalising agreement on the creation of a European-wide banking union is a "credibility test" for EU leaders.

Mr Kenny joined other leaders at a meeting of the European People's Party in advance of the European Council summit next week.

The meeting in Vienna was also attended by German Chancellor Angela Merkel, EU Council president Herman Van Rompuy and European Commission president Jose Manuel Barroso.

The introduction of a banking union is regarded as crucial to the stability of the European banking system and a precursor to direct injection of cash from the new EU bailout fund.

Mr Kenny said he spoke to Finance Minister Michael Noonan and was confident real progress could be made on the banking union, adding: "We all understand that this is a fundamentally important part of the financing of the EU."

Irish Independent

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