MEP's approved the latest elements of the so-called 'banking union' on Tuesday, a set of reforms to the financial sector aimed at breaking the link between failing banks and taxpayer money.
“Banks, shareholders and creditors will be the first to face the losses from a bank failure."
Bail in will the main way to solve the problems, there are also situations in systemic crisis when you need a public intervention. No one shall in the future presume that tax payers will help any bank." said Conservative Swedish MEP Gunnar Hökmark.
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BAIL-INS to 'solve' future banking problems in the EU - Drastic reforms passed
