Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

A landslide victory for the 'invisible candidate' in Algeria's Presidential polls

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014 (part 2)

Read more

MEDIAWATCH

Presidential adviser resigns over "shoe-shine scandal"

Read more

#THE 51%

Breaking stereotypes

Read more

#TECH 24

Galaxy S5 v. HTC One (M8): Which is the right one for you?

Read more

FRANCE IN FOCUS

New PM Manuel Valls outlines priorities

Read more

FASHION

Jean-Marc Loubier, bags and shoes.

Read more

ENCORE!

Hip-hop musician Beat Assailant on mixing the sounds of the city

Read more

  • Bouteflika, the ghost president

    Read more

  • Algeria's ailing Bouteflika clinches fourth term amid fraud claims

    Read more

  • Police arrest S. Korea ferry captain for negligence

    Read more

  • Ukraine separatists say ‘not bound’ by Geneva deal

    Read more

  • Does Valls’ upcoming Vatican trip violate French secularism?

    Read more

  • Obama signs bill to block controversial Iran diplomat from UN post

    Read more

  • Abel Ferrara’s hotly awaited DSK film to premiere on web

    Read more

  • World honours Garcia Marquez’s magical literary legacy

    Read more

  • Ukraine: ‘One bloody incident could scupper Geneva deal’

    Read more

  • Top Hollande adviser resigns over conflict of interest accusation

    Read more

  • Indian election: Votes for sale

    Read more

  • West African Ebola outbreak caused by new strain of virus

    Read more

  • Astronomers discover Earth-like planet that could support life

    Read more

  • Video: Tensions remain high in Mariupol despite Geneva deal

    Read more

  • In Prijedor, survivors fight to keep memory alive

    Read more

  • Deadly avalanche strikes Everest in worst-ever disaster

    Read more

  • With a strong French presence, veterans and fresh faces, Cannes aims to please

    Read more

  • Russia and West agree on steps to ease Ukraine crisis

    Read more

  • Mob launches deadly attack on UN shelter for S. Sudan civilians

    Read more

  • Eurostar train mishap causes 'severe' delays

    Read more

  • Chelsea Clinton announces she's pregnant

    Read more

  • French troops free five aid workers kidnapped in Mali by Islamists

    Read more

  • In pictures: Iranian woman pardons son’s killer at the gallows

    Read more

  • After cup defeat, Spanish pundits read last rites for Barcelona

    Read more

  • India heads to polls in single largest day of voting

    Read more

Europe

France, Germany clash threatens EU summit

©

Video by Yuka ROYER

Text by FRANCE 24 (with wires)

Latest update : 2012-10-18

European Union leaders arrived in Brussels on Thursday for talks on how to support the bloc’s struggling banking industry, with France and Germany already making it clear that they disagree on any proposed reforms.

European leaders gathered in Brussels on Thursday to discuss how to save the euro currency from collapse and support countries that are facing too much debt and not enough growth.

But the two-day summit promises to be just a small pit stop on the road to recovery, with few decisions expected. The leaders of the 27 countries that make up the European Union are set to focus on how to support their banking sectors.

Some countries have stepped in to save their failing banks – and are now struggling to save themselves. Several EU members are keen to form a banking union to shore up the industry. But the eurozone’s two superpowers, Germany and France, are bitterly divided on this proposal.

Introducing a unified banking system is a priority for France, with French President François Hollande on Thursday calling for such reforms to be implemented “as soon as possible”.

Germany calls for more oversight

But Germany wants to make sure Brussels has more oversight over the fiscal policies of countries in need of aid from the eurozone's new rescue fund. Before arriving in Brussels on Thursday, German Chancellor Angela Merkel told Berlin’s Bundestag that the European Union's top financial official should have the power to veto member states' national budgets.

“We believe, and I say that for the whole government, we could go further by granting the European level real rights to intervene in national budgets," she told lawmakers.

“Hollande has already said that he will only agree to [Merkel’s proposal] if the treaty also includes the proposed new solidarity mechanism,” FRANCE 24 correspondent Fréderic Simon said from Brussels on Thursday. “But in turn, Germany has already rejected that.”

Speaking from Berlin, FRANCE 24 correspondent Jessica Saltz said that Merkel "made it very clear that Germany will certainly not be rushed on a banking union at this summit” in her speech to the Bundestag on Thursday.

Simon said that no big decisions are expected at the summit, but noted that “we will find out today how far the EU leaders are ready to go down the federalist road”.

(FRANCE 24 with wires)

 

Date created : 2012-10-18

  • EUROZONE

    Eurozone 'very near' to end of crisis, says Hollande

    Read more

  • EUROZONE

    Eurozone unlocks €500 billion war chest

    Read more

  • ECONOMY

    11 EU countries agree to financial transaction tax

    Read more

Comments

COMMENT(S)