Banking Union

‘Merkel is planning a reform campaign in Europe’

Published on 23 October 2013 at 10:17

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"With a new proposal for the liquidation of ailing banks, Angela Merkel hopes to re-launch talks to reform the euro zone, reports German daily Süddeutsche Zeitung.

According to the daily, the German Chancellor hopes to use the October 24-25 EU Council meeting to convince the other leaders to rally around a new strategy for joint liquidations, a key component of the banking union —

First of all, the euro zone should assume joint responsibility for only 130 banks out of 6,000, including no more than 30 German firms. Secondly, in case of emergency, shareholders and creditors must assume responsibility themselves in compliance with predetermined payment schedules. And third, national parliaments must approve government aid.

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