New BoE deputy says European banking union would benefit the UK

The Bank of England

A common backstop for eurozone banks would benefit the UK's financial system, according to Jon Cunliffe, the incoming Bank of England (BoE) deputy governor for financial stability, but it may prove a bridge too far for the Eurosystem's members to create one.

Cunliffe, currently the UK's ambassador to the European Union, was speaking at his appointment hearing conducted by the UK Parliament's Treasury Select Committee, before he takes over from Paul Tucker at the BoE.

Cunliffe stressed there rema

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