Resolution mechanism key to banking union, ECB's Coeure says

05/28/2013 | International Financial Law Review online

Benoit Coeure, a member of the European Central Bank Executive Board, says a single resolution mechanism to handle failing financial institutions must be in place before a new banking supervisor takes over. Then, Europe can move toward a genuine banking union, Coeure says. "[If] the [single supervisory mechanism] is to be effective, it needs to be complemented by a [single resolution mechanism] to deal with nonviable banks," he said.

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