Ad
Dexia was bailed out using tax-payers' money (Photo: Valentina Pop)

Brussels: 'Banks should pay for banks'

The European Commission in Wednesday (6 June) unveiled proposals designed to change the too-big-to-fail rationale that has seen billions of euros of tax payers' money pumped into Europe's ailing banking sector.

"We are going to break the links between banks and the public sector," said financial services commissioner Michel Barnier announcing the draft legislation. "Banks must pay for banks."

Under the proposal banks would be obliged to draw up recovery plans that would kick into...

Get EU news that matters

Back our independent journalism by becoming a supporting member

Already a member? Login here
Ad