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European Union agrees to form new regulatory system

Published on Mar 20, 2014 9:04 PM
 
President of the European Parliament Martin Schulz gives a speech during a commemoration ceremony for the victims organized by the Council of French Jewish Institutions on March 19, 2014 in Toulouse. EU member states and European Parliament negotiators reached an accord on Thursday on a new regulatory system designed to prevent a failing bank from wrecking the economy. -- PHOTO: AFP

BRUSSELS (AFP) - EU member states and European Parliament negotiators reached an accord on Thursday on a new regulatory system designed to prevent a failing bank from wrecking the economy.

Parliament had initially opposed an agreement reached in December by EU leaders on how to close down a bank in trouble, saying the system was too unwieldy and not fast enough.

But officials said that those differences had now been resolved after marathon overnight talks.

This is "an enormous success," parliament head Martin Schulz said, adding that party leaders had "agreed with an overwhelming majority to endorse the compromise" and recommended approval by the full assembly.

 
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