French Minister Confident European Banking Union Can Be Reached

France hopes a deal will be clinched on a European banking union before the end of 2013, the country’s Finance Minister Pierre Moscovici said on Sunday.

In Berlin on Friday European finance ministers and senior EU officials met to try to forge a compromise on rules to wind down stricken banks, with time running out to reach a deal by a year-end deadline.

“I hope that on Tuesday evening, maybe in the night of Tuesday, we’ll reach a deal and if we don’t suceed then we will succeed the following week when we meet on December 18,” Moscovici said ahead of next week’s regular gathering of European finance ministers in Brussels.

Moscovici said Friday’s meeting had been useful.

“Everyone moved a little,” he said.

The sticking point is staunch opposition from Germany, and some of its northern European allies, to proposals that would give the European Commission new powers to wind down banks.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza