EU Must Be Able to ‘Resolve’ a Bad Bank in a Weekend

The European Union must be able to wind down failing banks within a weekend, according to Sabine Lautenschlaeger, Germany’s candidate for a vacant seat on the European Central Bank’s governing council.

“So we need a structure where it is possible to start a resolution on Friday night and to finish it on Monday morning at 1 o’clock because then Japan, Tokyo opens. That is a really important requirement,” Lautenschlaeger told a European parliament committee in Strasbourg. Continue reading