EU Reaches Deal on Bank-Failure Bill After Marathon Talks
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European Union lawmakers struck a deal on legislation to create a single agency to handle failing euro-area banks after an all-night negotiating marathon ahead of a summit of EU leaders starting today in Brussels.
German Finance Minister Wolfgang Schaeuble was drawn into the talks around 5:30 a.m as the discussion pressed on and negotiators reached out to nations that had taken the hardest line against speeding up decision-making and funding for the proposed Single Resolution Mechanism. Lawmakers emerged around 7:15 a.m. with a deal, which now will need formal approval by the European Parliament and by national governments.