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Eurogroup finance ministers will not agree to an agreement on completing the banking union when they meet Thursday if it falls short on ambition, an EU official said Wednesday. The comments follow reports that countries are still wide apart on key Banking Union topics, like sovereign exposure risk weightings and EU Deposit Insurance.

Imminent German elections have also cramped the room for compromise. "This was not the most auspicious of moments to come up with a great political compromise," the official said, before adding that "completing the Banking Union is a long-term project and it will take many years."

The roadmap for completing the Banking Union has been an important milestone for the EU and was due to be presented to EU leaders at their June summit. Eurogroup President Pascal Donohoe had also made Banking Union a high priority.