Merkel Prods EU Finance Chiefs as Bank-Failure Talks Heat
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German Chancellor Angela Merkel called on European Union finance ministers to agree this week on a bank-failure plan for the euro area, as emergency talks that dragged into the night highlighted how much work remained.
Euro-area finance ministers emerged from talks at about 2:30 a.m. in Brussels today claiming victory on one sticking point -- how to connect a public backstop to their planned central resolution authority for euro-area banks. None of the ministers offered details of what EU Economic and Monetary Affairs Commissioner Olli Rehn called a “crucial breakthrough.”