EU Deadlock Broken as Ministers Agree to Bank Plan
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Germany and France backed an agreement on how to deal with failing euro-area banks, closing ranks on the next step in crisis-fighting before governments hammer out details with the European Parliament.
German Finance Minister Wolfgang Schaeuble and France’s Pierre Moscovici met in Paris to bless an accord reached late yesterday by European Union ministers in Brussels. They pledged a 55 billion-euro ($75 billion) industry-financed resolution fund over 10 years, backed an agency to make decisions on handling failing banks and agreed on cost-sharing procedures.