About: http://data.cimple.eu/news-article/3636d8e2e844dae0cfa62462d65c5bbb33f89117788a6341786e35ae

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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

Attributes	Values
rdf:type	schema:NewsArticle
schema:articleBody	EU finance ministers on Thursday again dampened expectations on completing major banking reforms in Europe, with big divisions between Germany and Italy on how to move forward. "We must never lose hope. I don't hide from you that it's a difficult negotiation," French Finance Minister Bruno Le Maire said, as he arrived for talks in Luxembourg. At the meeting, ministers were supposed to finalise a timetable for completing the EU's banking union, a major step in advancing European economic unity that was launched in the heart of the financial crisis. The missing piece of the project is the creation of a common European deposit insurance that would cast a continent-wide safety net for customers hit by failing banks. Germany has long resisted the idea, however, with public opinion dead set against seeing government money going to save depositors in other European countries. In exchange for giving ground on the issue, Germany and others are demanding that countries like Italy decouple the stability of their banking systems from holdings in national debt. This would address something known as the "doom loop", where banks in Europe are allowed to hold sovereign debt bonds as super-safe assets to meet the demands of banking regulators. Heavily indebted, Italy refuses to give ground on this demand, afraid it could spark a national banking crisis and plunge the country into economic chaos. "There is further work that needs to be done, further compromises that have to be identified and then delivered," said Eurogroup chief Paschal Donohoe, who is leading the negotiations. "With the time that is left, it wasn't sufficient to deliver what I believe was critical in such a work plan," added Donohoe, who is also Irish finance minister. The election calendar in Europe is making a breakthrough even more difficult, officials said, with Germany set to choose a new chancellor in the autumn. A senior eurozone official said the setback was not a "big drama" and that Donohoe was determined to keep working on finding a compromise. arp/dc/lth
schema:headline	EU ministers baulk at banking reform
schema:mentions	Kingdom of Italy Bruno Le Maire Eurozone Chancellor of Germany Luxembourg Finance minister Republic of Ireland French language Government debt Easter Nazi Germany European Union The Missing Piece (book) Big Drama Dead Set Banking union Deposit insurance Eurogroup Anti-Revolutionary Party
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-06-17 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	83 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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