Eurozone chief seizes on virus and Brexit to revive banking union

Efforts for deposit insurance scheme across single currency area

Eurozone finance ministers last week reached a political agreement on a long-awaited reform to the bloc’s bailout fund, the European Stability Mechanism, removing a barrier that has held back work on banking union project. 

Detailed work on tackling the nexus between banks and their country’s sovereign debt — a so-called doom loop that has long bedevilled the European banking system. 

FT 8 Decenber 2020

https://www.ft.com/content/9a525f9e-2f03-487c-bf4c-1b6574e790e8