City and the Banking Union

German FM made a decisive step in Dublin during the weekend towards the establishment of a Banking Union. He insisted on the necessity of the EU treaties revision in order to create a single authority to wind up banks. The prospective bureaucratic preparation is said to be ready by June and the project to be concluded in the next 12 months. Given the IMF report on the rising costs of such a move as delays are cast because of political reasons it seems Germany is determined to go through. What will be the cost of sterilizing the Eurozone and how much a banking Union with such limitation could go along with the City. G. Osborne gave sign of a big compromise in the case that the UK could consent to a treaty change. The coexistence of City a dynamic financial center with Frankfort representing the core logic of the future banking Union will certainly be a great European challenge.