The Bundesbank has already hsot it down.
Germany's central bank has shot down EU proposals for a European banking union, warning categorically that eurozone liabilities cannot be shared without a fundamental shift towards fiscal and political union.http://www.telegraph.co.uk/finance/fina ... union.html
Fiscal and political unions are a no no.
My reading of the article is very different. If you leave out Ambrose Evans-Pritchard editorialising of reality, the Germans are saying no to the banking union without
a "proper" fiscal union, and with a further political union on the horizon. It's what the Germans call "more Europe" (along with other members of different political establishments in Europe, especially the Spaniards in the last week) as the solution
to the current problems in the Eurozone, not "less Europe"
What they get wrong again in this article (along with the one from the BBC in this thread) is the fact that the banking union, the fiscal union, the political union, the "more Europe"...... refers to the Eurozone, NOT the EU. Therefore the concept of "two Europes" with two different levels of integration is back to life.