05 December 2012, European Union finance ministers shelved any plans to create a single centralized bank for the EU.

Last month things looked good for a central bank of Europe when 6,000 banks were put under EU “supervision”.  It was hoped an official EU central bank would be in place for 2013.

Some of the reasons for the collapse of such plans was that most EU member countries could not agree on the limits of power for a EU central bank. Also, France wanted immediate implementation while Germany wanted a gradual phase in.

EU finance ministers will resume central bank creation discussions next week.