The European Commission called for direct euro-area aid for troubled banks and touted common bond issuance as an antidote to the debt crisis now threatening to overwhelm Spain.
The commission, the European Union's central regulator, sided with Spain in proposing that the euro's permanent bailout fund inject cash to banks instead of channeling the money via national governments.
The use of the rescue fund to recapitalize banks "might be envisaged" and would "sever the link between banks and the sovereigns," the commission said in policy recommendations released today in Brussels.
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