European Parliament poised to approve next step in banking union

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European Union member states will still have the right to take control of failing banks in their own country as a last resort, under plans for Europe's banking union agreed by European parliamentarians yesterday.

The European Parliament's Economic and Monetary Affairs (Econ) Committee will vote on May 20 to agree a text for a recovery and resolution directive, the next step in the planned banking union, after the major political groupings yesterday reached agreement on the text to be put to the

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