On Saturday, Europe failed to agree on how to share the cost of bank collapse on Saturday. Germany resisted attempts by France to water down rules designed to spare taxpayers in Future crisis.

Talks were held for almost 20 hours late into night, but could not forge a way to set up an EU-wide regime to first impose losses on shareholders and bondholders when a bank fails.

A fresh attempt will be made by the ministers to break the impasse during a meeting on Wednesday. The meeting will be held on the eve of an EU leaders summit and will try to figure out the problems posed by Europe's banking crisis.

Michel Barnier, the European commissioner in charge of regulation, said that a political agreement is not too far away and a deal can be struck in a few more days.

The equivalent of a third of its economic output has been spent by the European Union in a bid to save its banks between 2008 and 2011. It almost led to a bankruptcy condition in the case of Ireland.

Spain's Economy Minister Luis de Guindos said, "What's fundamental is there is agreement over the bail-in hierarchy and the protection of small depositors".