UK Clegg : Euro-Zone Banking Union Must Not Lead to Protectionism
06/27/2012| 03:29am US/Eastern
A banking union within the euro zone must not lead to protectionism that disadvantages other countries in the European Union, U.K. Deputy Prime Minister Nick Clegg said in an opinion piece published Wednesday.
Writing in the Financial Times, Clegg said a full banking union--including common regulations and a deposit-protection scheme--should be limited to the 17 euro-zone nations.
But as euro-zone nations make technical decisions on banking, the risk of discrimination against other EU nations "is not imaginary," Clegg said.
"The protection of the single currency must not translate into protectionism within the single market," he said.
Full article: www.ft.com/cms/s/0/2612acda-bf7a-11e1-bb88-00144feabdc0.html#axzz1yoMuGLVl
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