The EU will soon have in place a more robust framework to regulate and supervise banks. EU ambassadors today endorsed an agreement reached between the Romanian presidency and the Parliament on a set of revised rules aimed at reducing risks in the EU banking sector.
“While we welcome the fact that European leaders have agreed on first important steps towards the deepening of the Economic and Monetary Union, such as the creation of a banking union backstop in the ESM, this is clearly not enough. If we really want a Eurozone that is more resilient, we need tangible progress on issues such as the creation of a Eurozone budget. Unfortunately, Eurozone leaders decided – once more – to kick the can down the road instead. “
Following the mandate given in June 2018 to the Eurogroup, the Euro Summit endorses all the elements of the Eurogroup report to Leaders on EMU deepening, which was prepared in an inclusive format.