EU legal services call for rethink of banking union blueprint

Series Title
Series Details 08.10.13
Publication Date 08/10/2013
Content Type

According to a legal opinion from the EU Council of Ministers dated 7 October 2013, a proposed agency with sweeping powers to close failing banks in the European Union would violate the bloc's founding treaties and must have its authority narrowed or shared with a core EU institution.

Michel Barnier, European Commissioner for Internal Market, has said in an interview that he could imagine the bloc's permanent rescue fund (ESM) as the agency for resolving bankrupt lenders. It would be part of a banking union scheme.
Source Link http://www.euractiv.com/euro-finance/legal-services-call-rethink-bank-news-530923
Related Links
ESO: Background information: Commission proposes Single Resolution Mechanism for the Banking Union http://www.europeansources.info/record/press-release-commission-proposes-single-resolution-mechanism-for-the-banking-union/
EUObserver, 09.10.13: Bank resolution plan breaches EU rules, lawyers say http://euobserver.com/news/121719
Deutsche Welle, 09.10.13: EU's Barnier suggests ESM as banking resolution agency http://dw.de/p/19wVz
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