Europe Strikes Deal To Complete Banking Union - Presented by: The Aol. On Network

European policymakers agreed on Thursday to complete a banking union with an agency to shut failing euro zone banks, but there will be no joint backstop for a fund to pay the costs of closures. The breakthrough ends an impasse with the European Parliament, which persuaded euro zone countries to strengthen the scheme. It completes the second pillar of banking union, starting at the end of the year when the European Central Bank takes over as watchdog.



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