ECA invites EU legislators to address ‘shortcomings’ in bank crisis rules
The European Court of Auditors published an assessment of the EU’s crisis management framework this week. It urged policymakers to align national insolvency procedures with bloc-wide resolution rules, as a way of making sure that banks are treated consistently when they fall into financial difficulty.
Market participants have long highlighted the need to harmonise bank insolvency rules among EU member states.
The EU has already mapped out a joint approach to resolution, which is supposed to give the authorities a clear and efficient way of winding up the very largest banks....