When banks go bad: resolution, bail-in and banking union

This spring, the European Union passed the Bank Resolution and Recovery Directive (BRRD) into law, to set out, once and for all, what should happen when a bank fails in the EU. For the first time, from 2015, there will be one European set of rules to deal with bank collapse, to sit alongside the newly minted banking union — the largest act of European integration since the euro was established. Owen Sanderson reports.