Barroso: EU bank plan a step toward banking union

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Barroso: EU bank plan a step toward banking union (by William L. Watts)

FRANKFURT (MarketWatch) -- European Commission President Jose Manuel Barroso on Wednesday said new proposals for dealing with failed banks move Europe a step closer to a "banking union." "Today's proposal is an essential step towards banking union in the EU and will make the banking sector more responsible. This will contribute to stability and confidence in the EU in the future, as we work to strengthen and further integrate our interdependent economies," he said, in a statement. The proposals unveiled Wednesday would require tighter coordination among national regulators. A "bail-in" tool would see banks recapitalized with shareholders wiped out or diluted, while creditors would see claims reduced or converted to shares.

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