The European Parliament today adopted by a large majority a package of rules complementing thebanking union. The main novelty is the shift to the private sector (shareholders and creditors of institutions) of the burden of intervening to restore and manage the bankruptcy in an orderly manner (resolution).
"Now we have a truly European system to supervise all banks in the euro area and manage any bankruptcies", commented the French Michel Barnier, who presented all the proposals for the overall reform of the financial system for the Brussels executive and banking in the years of the financial crisis. It will now be up to the Council to formally adopt the texts.
