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| Eurozone bank wind-down plans due | |
| (35 minutes later) | |
| The European Commission is to outline plans for a single authority that will be responsible for winding down eurozone banks that get into trouble. | The European Commission is to outline plans for a single authority that will be responsible for winding down eurozone banks that get into trouble. |
| The blueprint for a "single resolution mechanism" is due to be unveiled by EU commissioner Michel Barnier later. | The blueprint for a "single resolution mechanism" is due to be unveiled by EU commissioner Michel Barnier later. |
| It is likely to put the Commission on a collision course with Germany, which argues that such an authority would be in breach of EU treaties. | It is likely to put the Commission on a collision course with Germany, which argues that such an authority would be in breach of EU treaties. |
| The authority is part of wider plans for a European banking union. | The authority is part of wider plans for a European banking union. |
| The banking union project is designed to prevent a repeat of the global banking crisis. | The banking union project is designed to prevent a repeat of the global banking crisis. |
| The single resolution mechanism will give a single authority the power to close or restructure any eurozone bank that runs into trouble. | The single resolution mechanism will give a single authority the power to close or restructure any eurozone bank that runs into trouble. |
| This would override the decisions of authorities in individual EU states, which are currently in charge of winding down failed banks. | This would override the decisions of authorities in individual EU states, which are currently in charge of winding down failed banks. |
| Germany, the biggest economy in the eurozone, has voiced its objections to the creation of a single authority, arguing that it would require a new European treaty that may take years to agree. | Germany, the biggest economy in the eurozone, has voiced its objections to the creation of a single authority, arguing that it would require a new European treaty that may take years to agree. |
| On Tuesday, the German finance minister, Wolfgang Schaeuble, warned that the plan risked creating "new uncertainty in markets". | On Tuesday, the German finance minister, Wolfgang Schaeuble, warned that the plan risked creating "new uncertainty in markets". |