EU lawmakers begin 'tough' talks on new bank oversight system
BRUSSELS (AFP) - The European Parliament launched "tough negotiations" with EU member states on Wednesday on enacting a new bank regulatory system meant to prevent any repetition of the financial crisis.
An agreement is needed before elections in May.
A parliamentary statement, foreseeing that the talks would be "tough", said that "positions are far apart, with MEPs insisting that the system must not be cumbersome or vulnerable to political back-room deals."
European finance ministers agreed in December what is known as a Single Resolution Mechanism, designed to step in and close down a failing bank before it can do too much damage to the economy.