Draghi pushes for phase two of EU banking union

Dec 13, 2012, 5:25 PM EST
Mario Draghi, President of the European Central Bank, ECB addresses the media during the press conference following the meeting of the ECB Governing Council in Frankfurt am Main, Central Germany, on August 2, 2012.

European Central Bank (ECB) head Mario Draghi is pushing to move on rapidly to the next phase of the EU's banking union, powers to wind up failing banks. EU finance ministers have only just agreed the first hard-fought phase, giving the ECB supervisory authority over lenders with assets of more than €30 billion. Draghi wants wind-up powers in place by early 2014, though Germany still has reservations about the scope and speed of the banking union, fearing it will bear the financial brunt of the cost of winding down failing banks across the euro zone.