Finland Urges EU to Clarify Bail-In Rules After Cyprus
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Bank of Finland Deputy Governor Pentti Hakkarainen is urging Europe’s policy makers to come up with a more predictable crisis-management rulebook after Cyprus’s bank creditor bail-in confused investors.
“We need good rules that are ex-ante and harmonized as widely as possible,” Hakkarainen said in an interview at his office in Helsinki on April 10. This should apply “at least in the euro area, and preferably within the European Union, so that when we do take action, everyone already knows what the order is in which creditors take part.”