EU Nations Sign Bank Fund Plan

In the biggest step since adoption of the euro, almost all EU governments signed on to pool money in a central fund that can be tapped in financial crisis.

Euro-area nations did what was once said to be politically impossible—sign an agreement on pooling money to deal with crisis-hit banks.

All European Union (EU) governments except the U.K. and Sweden signed the plan, which sets out how nations should transfer monies raised from levies on their banks to a central fund that could be tapped in crises. The fund is part of a broader move to joint supervision and crisis management of euro-area banks that other EU nations can sign up to voluntarily. The signing took place at a meeting of ambassadors today in Brussels.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.