Brussels Sets Up Clash With Berlin Over Banks

Brussels is confronting Berlin over the future of Europe’s banking union, with a fast-tracked plan for a powerful bank executioner in Brussels to wind up failed lenders, backed by a €60bn cross-border rescue fund. […]

This “Single Resolution Mechanism” would empower the European Commission with ultimate authority over the eurozone’s 6,400 banks, with responsibility to pull the trigger on a shaky lender and the clout to overrule its home state.

As much as it might be desirable, I can’t help but think of this as an enormous power grab by the European Commission…