Media playback is unsupported on your device

Eurozone banking union to control 6,000 banks?

14 September 2012 Last updated at 13:48 BST

The European Commission unveiled its blueprint for a European banking union involving the central regulation of 6,000 banks in the eurozone, including powers to close them down.

The UK been warned to tread carefully by a senior British MEP who said that a repeat of last year's veto by the government could backfire.

Jo Coburn reports from Strasbourg on how well the news has gone down in Britain and Germany.

MORE FROM THE DAILY POLITICS & POLITICS EUROPE

More clips and news on our BBC website; 'like' us on Facebook page; follow us on Twitter