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Europe still set on breaking sovereign-bank link - Irish finmin
September 26, 2012 / 3:28 PM / 5 years ago

Europe still set on breaking sovereign-bank link - Irish finmin

DUBLIN (Reuters) - Europe’s determination to break the link between sovereign states and banks remains intact despite a statement from three powerful EU finance ministers on Tuesday that appeared to cast doubt on the idea, Ireland’s finance minister said.

Germany, the Netherlands and Finland issued a joint statement that appeared to unravel much of what was agreed at a European Union summit in June, when leaders paved the way for the direct recapitalisation of problem banks.

“It’s not that what was said was irrelevant, and of course it is significant, but there are other views and the view outlined by the Commission is the official position of the community,” Michael Noonan told parliament on Wednesday, adding that countries were advancing their negotiating positions.

“In the nature of EU business, there may be differences of interpretation. One thing is clear. The principle of breaking the link between the sovereigns and banks has been agreed by heads of state and government. No one has questioned that.”

Reporting by Padraic Halpin; Editing by Hugh Lawson

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