EU lawmakers call for stronger safety net for failing banks
Source: Reuters
EU lawmakers called on Thursday for a strengthening of plans to tackle failed banks in the euro zone, as tensions mounted in talks to seal the important reform.
The call from the European Parliament comes as efforts to form a united front behind euro zone banks, known as banking union, reach a climax.
The Thursday vote is intended to underscore lawmakers' concern that the blueprint, watered down by Germany and others to prevent any sharing of bank problems, will fail to restore confidence and prove flimsy should another crisis strike.
The European Parliament wants euro zone countries to promptly establish a shared fund to cover the costs of bank failure. It also wants faster decision making when it comes to closing or saving a bank, without meddling by politicians.
Read more: http://www.reuters.com/article/2014/02/06/us-eu-banks-parliament-idUSBREA150SQ20140206
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