Council Agrees Position on Bank Resolution

The European Council today set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms. It called on the presidency to start negotiations with the European Parliament with the aim of adopting the directive at first reading before the end of the year.

The proposed directive is aimed at providing national authorities with common powers and instruments to pre-empt bank crises and to resolve any financial institution in an orderly manner in the event of failure, whilst preserving essential bank operations and minimizing taxpayers’ exposure to losses.

The directive would establish a range of instruments to tackle potential bank crises at three stages: preparatory and preventative, early intervention, and resolution.

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Statement of Commissioner Barnier following Agreement in ECOFIN on Bank Recovery and Resolution

In this context:

European Council Meeting, June 26-28 2013 Brussels

Economic Policy will be the focus of the June European Council, with three main issues:conclusion of this year’s European Semester (coordination of member states’ economic and fiscal policy), including country specific recommendations; evaluation of efforts to boost competitiveness, jobs and growth, with emphasis on initiatives to enhance youth employment and the financing of the economy; progress on the completion of the EU’s economic and monetary union, in particular the banking union.

European Council Meeting

Background note on the European Council

Letter by President Van Rompuy to the European Council on Youth Employment

 You may also be interested in:

• Vice-President Rehn’s Remarks at the ECOFIN Meeting
• Joint Statement by President Barroso and President Van Rompuy after the G8 Summit
• European Union at the G8 Summit in Lough Erne, UK