Finance minister: Czech veto of banking union no longer necessary

The Czech Republic might no longer insist on vetoing the eurozone’s planned banking union, Finance Minister Miroslav Kalousek said on Wednesday. The Czech government opposes the plan over concerns it could rid the Czech central bank of its authority over foreign banks’ Czech subsidiaries. But Mr Kalousek said that if new legislation proposed by the EU legal service is approved, these concerns would no longer be justified and the Czech Republic would no longer be opposed the planned banking union. EU leaders are set to discuss the issue at a meeting in Brussels at the end of the week.