Edging towards banking union

Having taken the first step towards a banking union, EU leaders put off the more difficult issues of resolving problem banks and who exactly would pay for them.

Ambitious plans for completing an economic and monetary union were also shelved, which was not unexpected as German elections loom next September.

They were also anxious not to make changes that could require changes to the EU treaties, although Taoiseach Enda Kenny said: “As you focus on the consequences of banking, Europe, and greater cohesion in the time ahead, there may be consideration for future treaty change and if so, you deal with it then.”