EU Finance Ministers Claim Progress on Bank-Failure Fund
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European Union finance ministers claimed “good progress” after talks in Brussels as they worked to break a deadlock on a euro-area bank-failure law urgently sought by the European Central Bank.
The EU is searching for a compromise on the Single Resolution Mechanism and an accompanying common fund to cover the cost of saving or closing banks. ECB President Mario Draghi last week warned that failure to reach a deal before May’s European Parliament elections would have severe consequences for the euro zone and its fledgling banking union.