EU reaches deal on major step toward banking union creationMarch 20, 2014 - 14:52 AMT 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 Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |