EU Summit Strife : Berlin and Paris Compromise on Bank Oversight
REUTERS Ahead of this week's European Union summit in Brussels, Chancellor Merkel and French President Hollande staged a public battle over euro-zone reform. On Thursday night, however, the two quickly reached a compromise on the introduction of banking oversight. But difficult questions remain. European leaders have reached agreement on the roadmap to a banking oversight regime in the euro zone. Following a public back-and-forth between German Chancellor Angela Merkel and French President François Hollande, the 27 European Union heads of state and government on Thursday night found a compromise at their two-day summit in Brussels. The agreement calls for the legal framework for financial sector oversight to be completed by the end of the year, but actual implementation won't come until later. The oversight regime will be introduced "in the course of 2013," the summit's closing statement reads. In a brief press conference following the sum