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British MEP: 'Momentous' steps to eurozone banking union

18 December 2013 Last updated at 11:17 GMT

Eurozone finance ministers have made progress in key negotiations over forming a banking union, with an agreement on how to fund collapsing banks.

British MEP Sharon Bowles explained how the UK was affected despite being outside the eurozone.

"These are momentous things that we are doing," she told the BBC's Chris Morris, "Maybe you have to be a little bit nerdy to realise it, but these steps are as big as the creation of the euro itself."