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November 26, 2014
Wednesday, March 12, 2014

Europe fails to bridge divide on banks reform

The rocky progress raises a question mark over a project to allow the European Central Bank to supervise the sector.
Europe appeared far away from making good its crisis pledge to tackle weak banks as lawmakers and country representatives failed to bridge differences over how to close down troubled lenders.

Concluding the third day of unsuccessful talks on the ambitious political project, negotiators disbanded still in disagreement over central elements of banking union, a scheme to police banks and shut those too weak to survive.

Sharon Bowles, a British member of the parliament involved in the talks, said by Twitter that talks would resume next week "after more thought on key points".

It remains unclear, for example, the degree to which countries will help each other tackle problem banks under the plan intended to break the link between indebted states and the banks that buy much of their debt.

Talks will resume in the coming days. But the rocky progress raises a question mark over a project to allow the European Central Bank to supervise the sector, creating an agency to close failed banks and a fund for clean-up costs.

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Tags:  World  Economy  ECB  





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