And so after long talks into the night a deal has been reached on rules for supervising Eurozone banks by EU finance leaders in the 27 strong block as the two day EU Summit starts in Brussels today.
Around 200 of the biggest banks will come under the direct oversight of the European Central Bank, which will act as chief supervisor of Eurozone banks. The deal will also require the backing of others with vested interests such as Britain, Sweden, Poland, Hungary and the Netherlands.
Under the deal, banks with more than £24bn in assets will be placed under the oversight of the European Central Bank. And The ECB would also be able to intervene with smaller lenders and borrowers at the first sign of trouble.
The UK, which is not in the Eurozone, will not be joining the banking union but want to ensure they keep their voice at the top table on financial matters and that the London-based European Banking Authority is not usurped by the new proposals.
I am Ann Salter thanks for watching. Stay tuned for the latest news and updates with me at ibtimes.co.uk
Written and presented by Ann Salter