European Parliament adopts banking rules

European Parliament

European lawmakers gave the Single Resolution Mechanism (SRM) their stamp of approval today, as an overwhelming majority voted to adopt a range of legislation underpinning the banking union.

The European Parliament created the SRM and adopted the bank recovery and resolution directive, which sets out a common framework for winding down failed banks, after months of hard negotiations.

"We have turned the idea of a banking union into reality in less than two years," said Internal Market and Servic

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