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The EU leaders backed the eurozone plan, but details on new bank regulation proved divisive (Photo: The Council of the European Union)

EU to tighten screw on cross-border banking

All 27 EU leaders have thrown their weight behind the multi-billion rescue strategy agreed by the 15-strong eurozone last Sunday, while eyeing a set of measures likely to tighten the screw over how the financial sector operates in future.

"The European Union now has a massive united response to this crisis without precedent," French President Nicolas Sarkozy said after the first day of the top-level meeting ended late Wednesday (15 October).

The rescue plan allows for injecting ...

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The EU leaders backed the eurozone plan, but details on new bank regulation proved divisive (Photo: The Council of the European Union)

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