The EU parliament has called up for speeding up establishing the proposed 55 billion euro reserve fund that will manage bank crises in Europe more effectively and not incur taxpayers money in funding bailouts.
The minister said merging the funds gradually was important to the country and added that the exact timetable would have to be negotiated in the parliament.
Urpilainen also pointed out that compromise will have to be reached on some of the pertinent issues that would be raised in due course.
If agreed upon, the Single Resolution Mechanism would vest supervisory responsibility on European Central Bank on major Euro zone banks.
Finance Ministers of the Euro zone countries are currently meeting in Brussels to iron out core issues regarding the banking union.
