BRUSSELS – Finance ministers of the European Union are discussing what they still need to do to create centralized controls over banks.
One major hitch has been how to finance a rescue fund for banks in trouble or that have failed. Germany has wanted each country to take care of its own banks. The French have been seeking a single EU-wide rescue fund.
Jorg Asmussen, member of the executive board of the European Central Bank, said Tuesday that recent bilateral negotiations have narrowed differences over the proposed fund. But he said he doesn't expect an agreement Tuesday.
Lithuania's finance minister Rimantas Sadzius, who is chairing the meeting, is more bullish. He says there are "strong chances" for a deal at Tuesday's talks, which are expected to last 18 hours or more.