ECB's Draghi pushes for European bank bailout fund
World BusinessFeb 19, 2013
European Central Bank President Mario Draghi said Monday the 17-country eurozone must move swiftly to set up a joint fund to restructure and wind down troubled banks, claiming it is a necessary step to stabilize the financial system.The fund should be financed by levies on financial institutions to ensure it will not have to tap taxpayers' money over the medium term, guaranteeing that “resolution costs are first and foremost borne by the private sector,” he told European lawmakers. The fund mus