STOCK MARKET WATCH -- Friday, 13 September 2013

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22. EU MINISTERS SEEK PROGRESS ON BANKING UNION

http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-09-13-06-07-20

VILNIUS, Lithuania (AP) -- Europe's finance ministers are working against the clock to solve the thorny but crucial issue of agreeing on further reforms to strengthen the region's banking sector.

Decisions on securing Europe's economy will be put on hold early next year as the region gears up for the elections to the European Parliament in May.

As finance representatives from the 17 euro countries gathered for a meeting of the Eurogroup in Lithuania Friday, Germany's Wolfgang Schaeuble warned that ministers were under "high pressure regarding the timing" in setting up a joint authority to restructure or unwind bust banks.

Governments must strike a compromise on the complex legislation by December, said the Netherlands' Jeroen Dijsselbloem, who chairs the meetings of the Eurogroup of finance ministers. If they fail, the legislation won't be able to clear all necessary hurdles before the European Parliament descends into full-time campaign mode in April.