Bank resolution plan is focus of ECB's dispute with Germany

05/15/2013 | Reuters · Bloomberg · Wall Street Journal, The

Officials from the European Central Bank and Germany are clashing over how the EU will deal with troubled financial institutions. Joerg Asmussen, an executive board member of the ECB, said authorities should aim to develop a central agency and a common backstop funded by the industry for dealing with failing banks by mid-2014. German Finance Minister Wolfgang Schaeuble said current EU treaties need to be amended before the EU develops a single-resolution agency.

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