Friday 19 January 2018

Paul Taylor: Why the eurozone is unravelling faster than the policymakers can repair it

SIGNS are growing that Europe's economic and monetary union may be fragmenting faster than policymakers can repair it.

Eurozone leaders agreed in principle on June 29 to establish a joint banking supervisor for the 17-nation single currency area, based on the European Central Bank, although most of the crucial details remain to be worked out.

The proposal was a tentative first step towards a European banking union that could eventually feature a joint deposit guarantee and a bank resolution fund, to prevent bank runs or collapses sending shock waves around the continent.

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