European Bank Resolution Plan Sets Up Fight With Germany

Law360, New York (July 10, 2013, 3:52 PM EDT) -- The European Commission on Wednesday proposed creating a single entity for winding down failed eurozone banks, setting up a clash with Germany, the most powerful country using the euro as currency.

Under the single resolution mechanism proposed Wednesday, the European Central Bank would take the lead in determining when a bank within the group of countries that use the euro as their currency needs to be dismantled and then supervise the process of winding down the financial institution in conjunction with national authorities.

Having a single...
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