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The banking union has often been described as the most ambitious step the EU's leaders to tackle the financial crisis, Photo by EPA/BGNES
The EU has completed the agreement on a banking union, its strongest instrument so far to tackle the financial crisis.
After marathon talks, the sealed document will ensure that Eurozone governments are not the only ones in charge of big national banks, the Financial Times has reported.
The unified system set up under the new agreement envisages that a central authority will have supremacy over national lenders across Europe.
It will be able to close troubled banks and use a EUR 55 B rescue fund to cover their expenses. The fund is to be built up in eight years.
New regulations will also enhance the European Commission in approving decisions on to shut down failing banks, whilst curbing the influence of the EU's finance ministers.
The terms of the banking union were a matter of dispute between the European Parliament and Germany's government, with the standoff leading to a delay in signing the agreement.
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