German Chancellor Angela Merkel wants authority for the EU to veto national budgets if members breach EU rules. But French President Francois Hollande said the issue was not on the summit agenda and the priority was to get moving on a European banking union. Germany is reluctant to see its politically sensitive regional landesbanks and savings banks come under outside supervision. "The only decision that will be taken is to set up a banking union by the end of the year and especially the banking supervision," Hollande said.
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