ECB says no treaty change needed for SRM

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The European Central Bank (ECB) has thrown its support behind a centralised mechanism for resolving insolvent European banks, putting the Frankfurt-based institution in the camp of European governments and institutions that believe the establishment of banking union does not require changing existing EU treaties.

In a legal opinion published today, the ECB argues that a "strong and independent single resolution authority (SRA) should be at the centre" of a Single Resolution Mechanism (SRM) – a

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