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RECOVERY AND RESOLUTION OF CREDIT INSTITUTIONS: EESC MAKES CONCRETE PROPOSALS FOR ADEQUATE IMPLEMENTATION

13 Dec 2012
Ref: 080 2012

The financial crisis has shown that national authorities are not fully equipped to deal with failures of banks that operate in today's global markets. Between October 2008 and October 2011, governments injected EUR 4.5 trillion (37% of EU GDP) of public money into the banking sector.

The EESC supports a Commission proposal that sets out to bring this situation to an end by providing a clear framework for the recovery and resolution of credit institutions and investment firms. This coincides with the ECOFIN-Council on 13 December setting out its position on two further legislative proposals on the way towards a banking union, aimed at establishing a single supervisory mechanism for the oversight of credit institutions.

 

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