Deadlock on ECB’s Bank-Crisis Plan in Focus of EU Meeting
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European Union finance ministers are racing to break a deadlock on a euro-area bank-failure authority that the European Central Bank says is vital to the bloc’s efforts to prevent future financial crises.
German Finance Minister Wolfgang Schaeuble today indicated a softening of his opposition to a key element of the European Commission’s plan for centralizing the handling of struggling euro-area banks. Ministers convene in Brussels tomorrow morning to discuss the proposal, facing a year-end deadline set by the bloc’s leaders for an agreement.