Draghi Says EU Bank Resolution Fund Needed With Power to Borrow
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The European Union needs a bank resolution fund that can borrow money if needed as it’s gradually filled by contributions from the financial-services sector, European Central Bank President Mario Draghi said.
Draghi said the EU should press ahead with plans to create a Single Resolution Mechanism to step in when banks fail. He endorsed European Commission plans for a single system with centralized powers and a joint fund.