EU Inches Toward Central Banking Regulator With New Rules
By Keith Goldberg (June 6, 2012, 7:25 PM EDT) -- Banking rules proposed Wednesday by the European Union to prevent future taxpayer bailouts of troubled banks include common supervisory tools and increased cross-border cooperation between national regulators, signaling the EU's desire to move toward a central banking union for the bloc, attorneys say.
Rules unveiled by the EU would require financial institutions to create recovery plans to be used if they get into financial trouble, require regulators to create wind-down plans for failed banks and give them greater authority to take control of failing banks.
The rules would also allow struggling banks that don't pose a systemic risk to the financial...
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