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| Eurozone ministers reach 'momentous' banking deal | |
| (35 minutes later) | |
| Eurozone finance ministers have reached a long-awaited deal over banking reform after many negotiations. | |
| The deal would create a 55bn euro ($75bn; £46bn) single resolution fund, financed by the banking industry, over the next 10 years. | |
| That fund would be backed a new agency, which will help decide how to deal with failing banks. | |
| EU financial markets commissioner Michel Barnier tweeted that it was a "momentous" day. | EU financial markets commissioner Michel Barnier tweeted that it was a "momentous" day. |
| The agreement will give Brussels a range of new powers to prevent banking failures, and hopes to put an end to the need for future taxpayer-funded bailouts. | |
| The next step will involve negotiations with the European Parliament. | |
| Long time coming | |
| The 17 nation eurozone has been working towards a so-called "banking union" for some time. | |
| The ministers' overall aim is to form a banking union that would give European authorities the powers to supervise banks, and wind them up when necessary. | |
| The banking crisis forced a number of European governments to spend large sums of money supporting banks whose lending had turned bad. | |
| Over the main years of the crisis, European governments spent 1.5 trillion euros (£1.3tn; $2tn) propping up the banks. |