EU Races for Bank-Failure Deal Deadline to Avert Quagmire

In their campaign to bring the financial industry under control, European Union policy makers have a deadline problem.

The EU, which took three decades to clear such milestones as defining chocolate and setting up a common patent, has just months to create a system to handle failing lenders. It’s the biggest step toward building a banking union that its leaders say is essential to preventing a rerun of the euro debt crisis.