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.
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