EU seeks deal on bank restructuring body

EU seeks deal on bank restructuring body

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BRUSSELS (AP) — European Union finance ministers are trying to find a deal on how to set up a joint authority to restructure or shut down failing banks.

Officials with the 28-nation EU say the new body will be a final step toward creating a planned banking union aimed at stabilizing the bloc's financial system.

French Finance Minister Pierre Moscovici said Monday upon his arrival in Brussels "we all have to make an effort to reach a compromise."

EU governments are currently in tense negotiations with the European Parliament over the fine print of setting up the so-called single resolution mechanism.

To avoid significantly delaying the project, an agreement must be reached by the end of the month to ensure the legislation's passage before Parliament's current term expires in May.

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