ECB Urges EU to Build Strong Central Authority for Failing Banks
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The European Central Bank urged governments to press ahead with setting up a “strong” central authority to handle bank failures in the euro area, saying that progress in the project is essential to bolster lenders and spur growth.
“Mere coordination between national authorities is not sufficient for cross-border resolution in crises,” Vitor Constancio, the ECB’s vice president, told lawmakers today at the European Parliament in Brussels.