Europe seeks new levy on banks to create crisis funds

BBC – A network of national funds should be introduced so the cost of bank failures are not met by the taxpayer, the EU internal market commissioner has said.

Michel Barnier said such funds would provide part of a broader system aimed at preventing future financial crises. Banks would be required to pay a levy into the funds which would not be used to bail out failing banks, but manage failures in “an orderly way”.

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