EU not fully prepared for banking collapses
Official says national schemes may prove insufficient to deal with multiple failures
Brussels
THE European Union is not yet fully prepared to handle banking collapses in the event of a new financial crisis, the European Commission said on Friday, urging member states to agree on pooling more resources to weather future storms.
Following the eurozone debt and banking crisis, EU countries have designed a banking union meant to strengthen lenders' financial stability, but have not brought the plan to completion.
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