Ministers reach accord on EU banking union

Dec 13, 2012, 1:50 AM EST
A giant logo of the Euro currency stands in front of the European Central Bank (ECB) in the banking district of Frankfurt, western Germany, on October 9, 2012.
AFP/Getty Images/JOHANNES EISELE

European finance ministers reached agreement on a euro zone banking union after months of strained negotiations between member states. Under the proposal, banks with more than €30 billion euros ($39 billion) in assets will be placed under the oversight of the European Central Bank. The proposal will be put before European leaders on Thursday.

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