Deadlock on ECB’s Bank-Crisis Plan in Focus of EU Meeting
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Germany softened its opposition to key elements of a plan for handling euro-area bank failures as European Union finance ministers raced to break a deadlock on the proposal before next week’s EU summit.
German Finance Minister Wolfgang Schaeuble yesterday opened the door to an agreement on giving the European Commission a role in saving or shuttering banks, something he had previously rejected. Germany would also consider splitting talks on the proposed Single Resolution Mechanism, a government official said, with parallel negotiations on a decision-making mechanism and on a common fund that has proven a lightning rod for criticism.