Jul 182012
 

 

BRUSSELS—In its most prescriptive recommendations to date, the International Monetary Fund urged euro-area policy makers Wednesday to act immediately to stem the relentless spread of the debt crisis across the currency bloc.

IMF staff, in their so-called ”Article IV” report, said the euro zone should immediately start building a full banking union that would include a centralized supervisor for its entire financial system, but also, crucially, to bring forward plans for a bloc-wide fund to guarantee deposits and pay for the winding down of banks that are ”too big to fail.”

viaIMF Urges Speed on Banking Union – WSJ.com.