Is a banking union good for Poland?

Report by Slawek Szefs

Head of the eurogroup Jean-Claude Juncker has appealed to all non-member countries to respond with declarations for joining, or staying outside the Banking Supervision Agreement.

Poland's government head Donald Tusk responded that the matter still needs internal consultations with the finance minister, the Central Bank governor and the chairmen of the Finance Supervisory Committee and the Banking Guarantee Fund.

However, PM Tusk assured “with full responsibility that solutions agreed thus far guarantee security to those countries which decide on participation in the Banking Supervision Agreement, even if not being eurozone members."

Warsaw has pressed for guarantees of supremacy of national banking supervision over the joint one, should decisions of the Council of European Central Bank Governors have adverse financial consequences for national budgets of countries outside the eurozone.
Announcing the agreement on behalf of the Cyprus presidency, finance minister Wasos Sziarlis said it was a step in the right direction and a Christmas present for all of Europe.