IMF urges EU to accelerate creation of banking union

10/10/2013 | Reuters · Reuters

The International Monetary Fund has outlined recommendations for resolving issues hampering the world economy. The IMF says the EU should quickly establish a banking union, including a resolution agency for troubled banks. "Investors' faith in euro-area bank balance sheets must be restored ... and banking union completed," according to the IMF. Mario Draghi, president of the European Central Bank, also stresses the importance of a banking union. Draghi says a mechanism for winding down troubled banks should be running by 2015.

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Reuters · Reuters

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