Brussels, Dec 5 (AFP/APP): European finance ministers failed to strike an agreement on reforming the eurozone, due to the strong resistance of Italy and Germany, a top official said Thursday. Ministers were expected to agree on reforming the eurozone’s bailout fund as well as on a timetable to complete the EU’s banking union, but stopped talks after seven hours without a breakthrough. Hopes had been to conclude in time for a final approval by EU leaders at a European summit on December 12 and 13. Reform of the fund, the European Stability Mechanism, was widely expected but fell foul to opposition in Italy led by far-right leader Matteo Salvini and the populist Five-Star Movement, a partner in the ruling coalition. “We have an agreement in principle for the reform of the ESM (European Stability Mechanism) that it is not final,” Eurogroup chief Mario Centeno said on Thursday, trying to put a positive spin on the broken down talks. Created in 2012, in the heat of the eurozone debt crisis, the ESM is to become the bloc’s lender of last resort and was to see its financial firepower strengthened and its powers of supervision over countries in difficulty increased. “The Italian … Continue reading EU ministers fail to advance eurozone reforms