The EU's banking union is set to start on January 2013.
The talk, however, on how to create such a gigantic system that should supervise around 6,000 banks in the region somewhat stalled among the EU member nations.
Some nations such as Germany, Finland, Netherlands, and Luxemburg offered plans to limit the supervising role of ECB (European Central Bank).
The UK is threatening to leave the EU's banking union entirely. In such a case, the euro would flee its market, it has been warned.
The non euro-zone nations demands equal status, prompting euro member states to exclude them.
The union can pour funds directly to the banks rather than through their local governments. While some nations welcome it, the some wealthier nations oppose it fearing it would facilitate such bailouts.
Let us hope the possible largest banking union would ensure stability of the market and help support businesses prosper in the region. Just recently the austerity measures prompted Greece to go into yet another massive protests on the street. Let us hope the debate will find rational ground for better and unified Europe not just for the region but also for the entire economy of the world.