Brussels Should Make Call on Bank Failures, Document Says
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European Union nations are leaning toward giving the European Commission, the bloc’s executive arm, the power to trigger bank resolution as part of a plan to centralize the handling of failing euro-area lenders.
As EU states debate a Single Resolution Mechanism for the euro zone, nations led by Germany have proposed giving the final say to the Council of the European Union, an institution that represents national governments, rather than to the Brussels-based commission.