Twenty-eight obtain important agreement on Banking Union

European leaders arrive in Brussels today with an important agreement in my pocket: on the eve of last year's Summit, the Finance Ministers of the Twenty Eight concluded an important agreement on the Banking Union, intended to prevent a new crisis in the eurozone.

The European Commissioner responsible for the Internal Market, Michel Barnier, explained that they "introduce revolutionary changes in the financial sector in Europe, so that taxpayers do not have to pay the Bill when banks make mistakes or face crises, putting an end to the era of massive rescue plans".

The agreement will allow the creation of a single mechanism of resolution, in charge of organizing the possible bankruptcy of banks in the euro zone.

This mechanism should enter into vigar in 2015 and will be supplemented with a single fund financed by the banking industry.

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