EU struggles with cross-border crisis rules


BRUSSELS – European and international supervisors have warned banks and their shareholders they will have to pay to resolve future crises and cannot rely on the taxpayer to bail them out.

“Why should our citizens pay for the excesses and the inconsiderate risks taken by financial institutions?” said Michel Barnier, the new European commissioner for the internal market and services, speaking at a conference in Brussels last month. “When dealing with the environment, there is a principle accepted

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