Media playback is unsupported on your device

Eurozone banking reform agreed

19 December 2013 Last updated at 11:09 GMT

European Union finance ministers have agreed on a common set of rules to regulate banks in the eurozone, after months of tough negotiations,

The deal will see the creation of a new body with powers to shut down failing banks, preventing them from creating financial crises as they did in Cyprus, Ireland, and Spain.

The package will be presented to EU leaders for approval in Brussels later.

Nigel Cassidy reports.

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.