European Commission releases 'radical' proposal to appoint itself resolution arbiter


The European Commission has published its proposal for a Single Resolution Mechanism (SRM) for Europe's Banking Union, handing itself ultimate power over whether, when, and how troubled banks would be ‘resolved'.

The proposal will need approval from the European Parliament and the European Council, made up of Member States' governments, with the Commission hoping for agreement early next year so it can be adopted before the end of the current European Parliament term in 2014.

However, the German

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