EU Leaders Push Off Plan to Fix Euro as Draghi Calls for Action
- Statement says work should start on deposit insurance roadmap
- Leaders agree ESM to provide backstop for resolution fund
Emmanuel Macron, France's president
Photographer: Jasper Juinen/BloombergThis article is for subscribers only.
Euro-area leaders took a small step toward shoring up their currency union, but stopped short of the wide-ranging deal they were targeting less than a year ago.
The leaders, who met at a Brussels summit long seen as the moment for decisive steps to strengthen the euro area, agreed to beef up the region’s bailout fund by giving it greater powers over future rescue programs and letting it serve as a backstop for the entity responsible for winding down failed banks.