European Banking Union Negotiations Completed

European Union negotiators agreed on Thursday to complete Europe’s banking union with a new agency to shut euro zone banks that are too weak to survive and a fund to help cover the costs, according to a draft agreement.

All-night talks ended a stand-off between the European Parliament and euro zone countries over the new scheme, completing the second leg of banking union after supervision by the European Central Bank.

The details of the compromise are outlined in a draft agreement and were confirmed by people involved in the talks.
Under the compromise reached, a fund made up by levies on banks will be built up over eight years, rather than 10 as originally envisaged. It will also be possible for countries to share 40 percent of the fund from its first year.

via CNBC

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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