Germany is creating a plan that would allow the completion of a Eurozone banking union without the need for change in the basic EU framework law, This would remove one of the major hurdles in finishing one of the most ambitious projects since the start of the Euro currency.

According to EU officials, Berlin had insisted the need for an amendment to the EU treaty for the union to be able to move forward in rehabilitating banks from the current national level to the new proposed EU bloc level. This is the compromise that the Berlin Chancellery is working on and its discussions with its partners in the EU would be a breakthrough as the current process would require a tedious and very politically risky process.

The current banking situation in the Eurozone requires a banking union to be able to restore its role in the bloc's economy. This is most especially needed to boost growth and regain consumer confidence in the system that would ensure the bailed out economies would be able to repay their debts and prevent another sovereign debt crisis in the long run,

According to one of the senior Eurozone sources involved in transaction said, "The Chancellery is preparing a solution for after the German elections. They are working together with Eurozone officials on this."