Breaking News Bar
updated: 12/19/2013 10:57 AM

Hollande: EU banking union cure against bailouts

Success - Article sent! close
Associated Press

BRUSSELS -- French President Francois Hollande says the creation of a new institution to handle troubled banks will spare taxpayers from having to pay for further bank bailouts.

Hollande said Thursday ahead of a summit of the European Union's 28 leaders that the agreement on how to set up and fund a centralized European agency to unwind, or prop up, ailing banks helps stabilize the financial system and prevent further financial crises.

On Wednesday, following months of haggling, finance ministers agreed to the final elements of the creation of a banking union for the 17 EU countries that use the euro.

It follows a deal earlier this year to create a joint supervisor to police the health of the eurozone's biggest banks.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.