EU leaders agree to create joint strategy for failing banks
Pact due by year-end on handling troubled financial institutions25 October, 13:34
The roadmap is an important step in preparing the eurozone for financial oversight by the European Central Bank (ECB) and comes after EU leaders agreed last year to give the ECB supervisory powers. "The next crucial step for the banking union will be the single resolution mechanism, because once supervision is European, we cannot leave failures to the national level," EU President Herman Van Rompuy told reporters.
"Member states have committed to reach a political agreement on the commission proposal by the end of the year so that it can be adopted before the end of the parliamentary term".