European Parliament adopts banking rules
Single Resolution Mechanism approved after fraught negotiations
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
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