// IP Marketing video - START// IP Marketing video - END

EU reaches deal on major step toward banking union creation

EU reaches deal on major step toward banking union creation

PanARMENIAN.Net - The European Union has reached a deal on a major step toward creating a banking union that is meant to stabilize the financial system and make it easier to deal with troubled banks, the Associated Press reports.

After all night negotiations lasting into Thursday, March 20, EU member states and the parliament broke a deadlock on how to set up a joint authority that can restructure or shut down failing banks.

Corien Wortmann-Kool, a lead negotiator for the parliament, said that "this is very good for restoring confidence in European banks."

She said that under the new rules troubled banks could be dealt with "within a weekend" instead of the protracted process before that often undermined credibility in the EU's financial system.

Negotiators had insisted on reaching a deal before the European elections in May.

Related links:
 Top stories
He said that his government would also focus on fighting corruption and "eliminating all barriers that impede business from developing".
“We have a simple problem:we prepare 400-500 specialists each year, while there is demand for 2000 professionals," he said.
At Shirak airport in the northern Armenian town of Gyumri, traffic soared by 150% in the reporting period against 2016.
“The investments will be spent to build a canning factory and slaughterhouses, expand greenhouse farms,” Ignati Arakelyan said.
Partner news