Will a banking union save the Eurozone?

European leaders should create a banking union to save the Eurozone, says Financial Times’ Jean Pisani-Ferry.

This repair strategy includes a common regime for supervision and deposit insurance.

Read: Carney discusses crisis, calls for open financial system

Leaders at this week’s European Union summit should discuss who should participate and supervise; which banks it should cover; what resolution authority should be granted; and the type of deposit insurance, governance and fiscal backdrop.

“All legacy costs uncovered in this assessment should be taken on by current authorities, unless they are or are at risk of being fiscally unable to bear them,” he says.

Read: Indices may kick out Greece

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