EU prepares to fast-track banking union

The European Commission President Jose Manuel Barroso has proposed a eurozone banking union to act as a circuit-breaker to help end the financial crisis engulfing the region.

The issue would be discussed at an EU summit in late June and the new structure involving common supervision and a common bail-out fund could be in place by the new year as Newsnight's Paul Mason reports.

Read more on Paul Mason's blog or visit the Newsnight website.