EU lawmakers to complete financial system overhaul
The European Parliament is set to approve legislation that will complete the biggest overhaul of the bloc’s financial system since the introduction of the euro currency.
Lawmakers in Strasbourg on Tuesday are slated to sign off on the establishment of a European authority to unwind or restructure failing banks as well as new rules designed to prevent any further bailouts with taxpayer money.
Parliament is also expected to pass legislation protecting all deposits of up to 100,000 euros ($138,000) in case of bank failures across the 28-nation bloc.
The votes during the EU Parliament’s final plenary session before elections due in May bring to a close an ambitious reform agenda launched in the wake of the 2008-2009 global financial crisis that had led to government bailouts worth hundreds of billions.
Source: AP
