EU to rely on colleges for cross-border resolution
The European Commission has revealed it plans to rely largely on cooperation between officials to avoid the diplomatic rows created by the failure of a large cross-border bank.
The plans, released Wednesday, envisage resolution colleges similar to existing supervisory colleges - made up of supervisors drawn from each of the member states - where supervisors and national authorities in charge of resolution would meet for the purposes of crisis preparation and management.
The commission also
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