Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



ECB Official: New Bank Authority "Indispensable"

FRANKFURT, Germany (AP) -- A top European Central Bank official says an agency with powers to restructure and wind down busted banks is "indispensable" to strengthening the continent's banking system against future turmoil.

Benoit Coeure said in the text of a speech Thursday in Copenhagen that such an agency could end "the bailout culture" and spare taxpayers by forcing losses on troubled banks' creditors and shareholders instead of using public funds to rescue them.

Coeure said such an agency will be needed as soon as the ECB takes over banking supervision, expected next year.

The remarks go beyond the stance taken by eurozone powerhouse Germany. Finance Minister Wolfgang Schaeuble has said such a central authority would require changes in the basic treaty governing the European Union. That could take years.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2449145, ~/Articles/ArticleHandler.aspx, 9/30/2016 7:58:22 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes