Banking union

‘Brussels passes the banking supervisor, but without bailout fund’

Published on 16 October 2013 at 09:15


EU finance ministers officially adopted the Single Supervisory Mechanism on October 15, first pillar of the banking union plan.

However, El Economista reports that EU finance ministers delayed a decision concerning a "key elements" of the plan, a resolution mechanism and who will pay in cases of bank failure, as EU wants to avoid making taxpayers responsible for banks’ losses.

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