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EU : a step towards « Banking union”.

December 20, 2013

EU finance ministers took a key step Tuesday towards a 'Banking Union,' the new regulatory framework meant to prevent any repeat of the financial meltdown which plunged Europe into crisis.

Ministerial approval of the Single Supervisory Mechanism, "the first pillar of Banking Union ... is a momentous step, we should establish reforms in the banking systems ,  Taxpayers will no longer pay the mistakes of banks and no longer confront financial crises. It is "the start of a new era for the supervision of Eurozone banks,"  EU Financial Markets Commissioner Michel Barnier said.

The new decision is intended to create a new mechanism to be adopted in 2016 to organize and coordinate the process of bank crashes, this mechanism will be applied to 300 of the biggest banks in the euro zone.




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