European Union agrees to form new regulatory system
Published on Mar 20, 2014 9:04 PM
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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