Brussels backs bank tax to fund new resolution network

The European Commission on Wednesday proposed a continent-wide network of bank resolution funds paid for by a tax levied on lenders in European Union (EU) countries.

Michel Barnier, the European Commissioner for internal market regulation, said the network of funds would take the burden off taxpayers. "I believe in the ‘polluter pays' principle. We need to build a system which ensures that the financial sector will pay the cost of banking crises in the future," he said, stressing that the funds