| Author (Corporate) | Council of the European Union: General Secretariat |
|---|---|
| Series Title | Press Release |
| Series Details | PRES/13/564 (18.12.13) |
| Publication Date | 18/12/2013 |
| Content Type | Legislation, News |
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At a meeting of the Economic and Financial Affairs Council taking place in Brussels on 18 December 2013, the Council of the European Union set out its position on the establishment of a single resolution board and a single fund for the resolution of banks. The compromise reached within the Council consisted of a draft regulation on the single resolution mechanism, and a decision by euro area member states committing them to negotiate, by 1 March 2014, an intergovernmental agreement on the functioning of the single resolution fund. They however failed to agree so-called "contractual arrangements" designed to push member states to reform their economies. Negotiations with the European Parliament would now start, with the aim of agreeing the regulation on the SRM at first reading before the end of the Parliament's legislature in May 2014. Negotiations were anticipated as arduous. The proposed single resolution mechanism (SRM) would form one of the key elements of Europe's banking union, along with the single supervisory mechanism (SSM) that entered into force in November 2013. European Parliament President Martin Schulz warned EU Member States on the 19 December 2013 that the agreed deal on banking union lay far below MEPs' ambitions and would be subject to lengthy negotiations. |
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| Source Link | http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/140190.pdf |
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| Subject Categories | Business and Industry, Economic and Financial Affairs, Politics and International Relations |
| Countries / Regions | Europe |
