Constancio Says Barnier Plan Not Enough For Bank Failures

The European Union needs a plan for cross-border bank failures that goes beyond financial services Commissioner Michel Barnier’s proposed cooperation measures, European Central Bank Vice President Vitor Constancio said.

Constancio called for a “true European resolution authority” to provide temporary support when necessary, in comments to the Centre for European Policy Studies in Brussels yesterday. He said national regulators on their own can’t work together enough to contain a major cross-border bank emergency.