Surf Taiwan News, Browse the World »
EU lawmakers threaten to block new bank authority
Leading EU lawmakers threaten to block new joint body to restructure or shut down ailing banks
Associated Press
2014-01-17 03:01 AM

BRUSSELS (AP) -- European Parliament leaders are threatening to hold up the legislation establishing a common authority to restructure or shut down failing banks.

The EU's 28 finance ministers reached a deal in December on how to set up that bank resolution authority, which they say will be a final step in building Europe's banking union. But many EU lawmakers, whose approval is needed, find the proposal flawed.

Their caucus leaders said in a joint statement Thursday the current state of negotiations to find a compromise "is not promising given the wide differences ... meaning that no deal before the European elections in May is a distinct possibility."

EU officials say failing to pass the legislation by May would considerably delay the project and undermine the efforts to stabilize the bloc's financial system.

HOME |  WORLD |  Politics |  Business |  Sports |  Lifestyle |  TAIWAN |  Technology |  Health |  SUPPLEMENT |  Society |  OPINION
  • Taiwan News  ©  2014 All Rights Reserved.