Dec. 12 - As EU ministers meet in Brussels in a bid to break the impasse on banking union, Reuters correspondents in France, Berlin and Frankfurt lay out the sticking points and what's at stake.
The German government is resisting pressure from its European partners to allow the European Central Bank. To supervise all 6000 banks in Europe and is doing it for two reasons. First it doesn't want ECB sounded too many additional responsibilities on top of its core monetary policy function. And second it doesn't want to have to foot the bill for a number of small banks across Europe if it dosage fail. Another friend saying we can accept that suddenly the loans to banks could come within the direct supervisors -- of the European Central Bank. What -- do these is that the other banks plus pumped into some kind of -- besides from the European Central Bank. The ECB doesn't want recoverable Barnes practiced nationals -- was -- The ability to make will carry consequence in -- and there are and jurisdictions. By the ECB. Wants access to lurks fifty. And it once it's sees fit we'll. In most national jurisdiction. This coming home from because they will be in the -- won't be the details of the criterion for gun rights to -- will be. It's okay that will be the season long because they couldn't -- -- -- Friday and we've just heard from French officials and everything's there and pirates. It -- as -- that this -- the weekend it could be and it's amazing that you find instances hold on Monday. It's a fragile agreed that undermines the risks undermining these things and he's from. From the get under way. Themselves already had all of us -- this issue. Some including when his right cheek against Biden. Worried about the risks that come with -- -- The rest of -- addressed -- ECB's. Monetary policy roles that he interest rates and so and then you supervisory role. I'm quite -- of these questions the legal basis he. Thank you lose themselves -- -- all entire countries can too so getting a solution. Resolving this crisis. And restoring confidence in the Arizona.