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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.

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