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EU Stumbles Toward Bank Plan Deadline as Germany Resists

European Union finance ministers struggled to advance a bank-failure plan for the euro area, hampered by the interregnum in Berlin and persistent divisions on basic points.

Ministers will be pressed to meet a year-end deadline to broker an accord after cutting short talks in Brussels today. The bloc’s 28 nations are split on who should be the ultimate decision-maker in the planned Single Resolution Mechanism, whether it should be backed by a central fund and which banks should be covered. Germany reiterated its opposition to key planks of the blueprint proposed by the European Commission.