EU unveils plan to stop bailouts
THE European Commission has outlined a plan to prevent taxpayers having to bail out the banks ever again.
The EU executive said that the bloc's authorities would be boosted to intervene in failing banks.
The EC's blueprint would empower a new EU watchdog to intervene aggressively if it saw a bank in danger, allowing it to sack management, ban shareholder dividends or order emergency sales of assets or operations.
It would also pave the way for the authorities to force the closure of a bank in trouble. Michel Barnier, above, the European commissioner in charge of an overhaul of financial rules, said that this reform was "most pressing".