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Tuesday, Dec 4, 2012 10:00 AM UTC

EU looking for more united banking governance

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EU looking for more united banking governanceFrench Finance Minister Pierre Moscovici, left, talks with Luxembourg's Prime Minister and chairman of the Eurogroup Jean-Claude Juncker, during the Eurogroup meeting, at the European Council building in Brussels, Monday, Dec. 3, 2012. Details of a plan for Greece’s to reduce its heavy debt by buying some of it back at bargain prices will be presented Monday in Brussels to finance ministers from the 17 European Union countries that use the euro. (AP Photo/Yves Logghe)(Credit: AP)

BRUSSELS (AP) — European Union finance ministers are trying to set up a united banking supervisor to better deal with future financial crises.

The 27 ministers hope to have a deal by the end of the year that will give the European Central Bank wide-ranging authority over banks. They remain divided over whether the ECB should oversee all banks or only the largest.

France’s Finance Minister Pierre Moscovici came out strongly Tuesday for an agreement “that covers all banks, and that is under the final control of the ECB.”

The supervisor is a key part of a new banking union the EU is working on. The 10 EU nations not using the euro want to be included in a banking union but also worry it could stifle their financial sectors if too harsh.

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