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updated: 12/19/2013 10:57 AM

Hollande: EU banking union cure against bailouts

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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.

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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.

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