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Publish Date : 17-Dec-2012

With the pressure off after finance ministers clinched a significant agreement on a single banking supervisor, European Union leaders differed widely at a summit on Thursday over the next steps for their troubled currency union.

Before tucking into marinated salmon with fromage blanc and pan-fried turbot with boiled pumpkin, the 27 leaders argued along well-worn lines over banking resolution, deficit reduction and a common euro zone budget, making little headway.

North European creditor nations led by German Chancellor Angela Merkel sought to lay down new red lines to prevent a deal that made the European Central Bank the euro zone\'s top banking supervisor from leading to new liabilities for their taxpayers.

Dr Merkel told the German parliament before travelling to the summit that Berlin would continue to reject any mutualisation of the debts of either euro zone countries or their banks.

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