EU wants to shut down bad banks

As soon as possible, the European Union should establish a corporation that would shut down or bail out problem banks, says the International Monetary Fund.

By Staff | October 9, 2013 | Last updated on October 9, 2013

1 min read

As soon as possible, the European Union should establish a corporation that would shut down or bail out problem banks, says the International Monetary Fund.

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The agency would be part of the Eurozone’s push to clear debt and spark a stronger economic comeback, reports Reuters.

The European Union is pushing to create a stronger banking union between members. But the proposal recently suffered a setback as a legal advisor to the EU found the plan in its present form is not legal, the Financial Times reports.