European officials hold banking union meeting

10 October 2012

Policymakers from across Europe have met to discuss potential reforms to the planned banking union in the eurozone.

Under proposals put forward by EU officials, the European Central Bank (ECB) is set to be given full oversight powers over the 6,000 banks present in the single currency bloc in the early stages of next year.

However, several countries outside the eurozone - including Britain - have expressed doubts about how this system of supervision would work, on the basis that even though they do not fall under the remit of the ECB, their business may be indirectly affected by the changes.

And, with this in mind, EU decision makers held discussions yesterday (9 October) in an attempt to allay these concerns, Reuters reports.

An insider told the news source that Cyprus, the current holder of the European presidency, has put forward proposals to make the union more "digestible" to nations outside the eurozone.

By Gary Cooper

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