The creation of a eurozone banking union raises the vital “ins and outs” question. The UK, and others with their own currencies, will not be included and the European Banking Authority is still empowered to mkae rules for the single financial market as a whole. So there are some awkward negotiations ahead, and the UK will need some security for its banks within the single market. Arguing for the interests of British banks may go against the grain just now but the UK chancellor will have to do so – up to a point. Read more
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