The EU Banking Union made simple

Dec 12, 2012, 10:45 PM

"Ever closer union" used to be enshrined as one of the principal goals of the European Union -- it's fallen by the wayside of late, but much higher on the Euro-agenda is banking union, something that its proponents hope will avoid the need for future emergency bail-outs in future banking crises. For Britain, though, banking union is fraught with difficulty: for one thing, London is home to the EU's biggest financial services industry, and therefore stands to be much more directly affected than other capitals -- for another, the UK isn't part of the eurozone and therefore stands to one side of many of its most pressing problems. But when David Cameron arrives in Brussels tomorrow for yet another EU summit, he will find the banking union idea at the top of the agenda, as our business correspondent Jonty Bloom reports. #EU #Brussels #Eurozone #Eurocrisis #BankingUnion