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News Summary: Little progress on European banks

Updated at: 10/09/2012 2:05 PM
By The Associated Press

LITTLE PROGRESS: Europe made little progress Tuesday in its efforts to secure the region’s stricken financial system when finance ministers from the European Union failed to agree on how a single banking supervisor should be set up.

SMALL MOVE: A handful of countries made a small breakthrough at a meeting of ministers in Luxembourg, deciding to impose a tax on financial transactions in the hopes of curbing risky trades and possibly creating a fund that could be used to help banks in trouble.

THE REASON: Progress was slow as ministers continued to debate the fine points of how Europe’s banks should be supervised and how much help they can be given by the European bailout fund.

(Copyright 2012 by The Associated Press. All Rights Reserved.)