Following the typical EU-style marathon talks, leaders agreed to complete the legal framework for a single banking supervisor in Europe by the end of this year, which is considered a crucial measure to prevent banking risks and cross-border contagion from emerging.
The leaders also reached consensus on the legal framework, but details such as the timeline and the role of non-eurozone countries within the supervisory mechanism are yet to be determined.
Member countries are, however, aware that inaction might trigger further problems of deeper economic downturn, higher unemployment rate and more capital flight.
EU-Digest
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