European Parliament rushes resolution into law

By Owen Sanderson
16 Apr 2014

The European Parliament passed the framework for winding up Europe's banks on Tuesday, ending taxpayer bailouts, according to the law's backers, and nailing down the legal backdrop for the future of banking supervision.

The Bank Resolution and Recovery Directive, as well as the infrastructure of backstops for the banks — the Single Resolution Mechanism, Fund and Deposit Guarantee Scheme — were all signed into law on Tuesday.

The European Parliament’s negotiating team reached agreement with the European Council of Ministers on March ...

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