"European Union lawmakers struck a deal on legislation to create a single agency to handle failing euro-area banks after an all-night negotiating marathon ahead of a summit of EU leaders starting today in Brussels.
German Finance Minister Wolfgang Schaeuble was drawn into the talks around 5:30 a.m as the discussion pressed on and negotiators reached out to nations that had taken the hardest line against speeding up decision-making and funding for the proposed Single Resolution Mechanism. Lawmakers emerged around 7:15 a.m. with a deal, which now will need formal approval by the European Parliament and by national governments"
http://www.bloomberg.com/news/2014-03-20/eu-lawmakers-said-to-reach-provisional-deal-on-bank-bill.html
ESL: 2 days post Flaherty. What's with the rush to push these reforms through?
Addendum: http://ec.europa.eu/internal_market/finances/docs/banking-union/dg-markt-factsheets-srm_en.pdf
"On 10 July 2013, the Commission proposed to create a Single Resolution Mechanism (SRM). After the agreement on a Single Supervisory Mechanism (SSM), this is the next step towards Banking Union, indispensable to develop the EU Economic and Monetary Union and to prevent bank bail-outs."
ESL: Step 1 - check. Step 2 check. As the ING guy often asks, "What's in your wallet?"
