Exclusive: Secret EU summit document shows 'roadmap' to banking union - Daily Telegraph
Translated from the Brussels jargon, the PEC – president of the European Council – report will be Herman Van Rompuy’s preliminary text of the future of “Economic and Monetary Union”. This will be circulated in sealed envelopes next week.
The separate text will set out a “roadmap” to a banking union, polling debt via some kind of eurobonds and political union via EU treaty change over the next 10 years.
Also important and controversial is will the “other financial stability measures” paper, including financial transition tax proposal and moves towards a banking union that can be taken by the EU before the end of the year.
Britain faces major fight over an FTT, or some other banking levy, at a meeting of EU finance ministers on Friday ahead of the summit next week.
The UK – which has no veto under current proposals on deepening EU banking regulation – also faces the ECB becoming Europe’s main banking regulator and the creation of national bank resolution funds that can be asked to contribute to European bank bailouts on a “compulsory” basis.
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