Call for European bail-out agency

A new European agency, backed by industry financing, should be set up to deal with failing cross-border banks, the head of the International Monetary Fund told policymakers in Brussels on the 19 March 2010.

Dominique Strauss-Kahn, the IMF’s managing director, said the European Union needed a 'European Resolution Authority' with a mandate and tools to deal cost-effectively with failing banks as part of an 'integrated system of crisis management'.

IMF Survey, 19.3.10: Europe Needs Authority to Deal with Failing Banks, says IMF Chief http://www.imf.org/external/pubs/ft/survey/so/2010/NEW031910A.htm

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