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Credit card charges: EU agrees to banking union

The European Central Bank (ECB) is set to be handed new powers that allows it to supervise the eurozone's biggest banks to prevent problems as soon as trouble arises.

Finance ministers from the European Union's 27 countries have come to an agreement followings months of tough negotiations in what is considered the first step to help underpin the euro.

The system is set to be introduced in stages from 2013, with Germany's finance minister Wolfgang Schaeuble earmarking March 2014 as the goal for full implementation.

ECB will have control over around 200 of the 6,000 or so lenders in the eurozone, as only institutions with assets of more than €30 million (£24 million) will be covered. 

"It's vital that non-eurozone countries retain a say in how the single market operates, so it's necessary that the voting system should reflect this," said CBI director for competitive markets, Matthew Fell.

"A single market in financial services is critical and this agreement has gone some way to allaying fears of it becoming fractured."

This could be good news for British consumers facing credit card charges, as it could boost the economy and help to bring an end to the Europe-wide economic crisis.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801506807-ADNFCR

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