Investors were also waiting for details from the European Union summit in Brussels, where leaders are discussing fiscal integration and the co-ordination of banking systems.

WSJ: Banks Drag European Markets Lower

Moreover, it would be instrumental in fostering the efficiency of the internal capital markets and market integration in retail and corporate banking (see Barba Navaretti et al. 2009).

FORBES: Too Big To Fail Or Too Small To Maintain Stability?

At the Brussels meeting, eurozone leaders agreed to start building a banking union on 1 January to speed up economic integration.

BBC: David Cameron