Bank shareholders and creditors will be first in line to suffer losses if their bank gets into difficulties, according to draft rules agreed by ministers in the early hours of Thursday morning (27 June).
Ministers had been hoping to seal a deal last Friday (21 June) in Luxembourg but nearly 20 hours of talks broke up with disagreement on how much flexibility governments would have to fire-fight in a crisis.
However, with the final EU summit before the summer recess just hours away...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.