France urges quick progress on EU banking union

BERLIN Tue May 7, 2013 8:23am EDT

France's Finance Minister Pierre Moscovici holds a news conference during the IMF and World Bank spring meetings in Washington, April 20, 2013. REUTERS/Jonathan Ernst

France's Finance Minister Pierre Moscovici holds a news conference during the IMF and World Bank spring meetings in Washington, April 20, 2013.

Credit: Reuters/Jonathan Ernst

BERLIN (Reuters) - The European Union must aim to have made "decisive progress" by the end of June on its plans to create a banking union, French Finance Minister Pierre Moscovici said on Tuesday.

Moscovici was speaking at a joint news conference with his German counterpart Wolfgang Schaeuble, who earlier signalled a softening of his stance towards the project by saying the euro zone could press ahead on the basis of current law without waiting for an overhaul of the EU's Lisbon treaty.

(Writing by Mark John; Editing by Catherine Bremer)

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Comments (1)
dareconomics wrote:
As astute readers of Dareconomics understand, there will be no banking union until the rich Northern tier countries decide that they will pay for it. Schaeuble lifting his opposition to a banking union without a new treaty is just empty talk. The Germans will not commit money to any project while Merkel is busy campaigning. What they will do is talk and participate in the negotiation process, and even a little birdie knows what to call talk.

Full post here:

http://dareconomics.wordpress.com/2013/05/07/around-the-globe-05-07-2013/

May 07, 2013 1:37pm EDT  --  Report as abuse
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