Central Banks

Tuesday, June 19, 2012 - 08:12

ECB's Nowotny: Could Have Banking Union Agreement In H2 2012

LONDON (MNI) - The Eurozone could have an agreement on a banking union in place by the second half of 2012, according to European Central Bank Governing Council member Ewald Nowotny.

"A lot of details have to be hammered out. The first point is will it apply to all of the EU? I'm rather skeptical about that because it will be rather difficult to get the UK on board," Nowotny told CNBC.

"Realistically, it would be a scheme for the Eurozone," he said. "That means it would not be within the context of the EU treaties, so it would be a matter of inter-governmental agreement and this kind of inter-governmental agreement, this could happen in the second half of this year," he added.

--London newsroom: 4420 7862 7492; email: ukeditorial@marketnews.com

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