ECB’s Draghi: ‘Imperative’ to Set up New Bank Body
David McHugh, AP | May 24, 2013
European Central Bank President Mario Draghi . . .
. . . [new agency] to force banks creditors and shareholders to take losses first when a bank goes under — instead of getting the money from taxpayers. . . .
. . . “I would say that after the events of Cyprus, markets should be convinced that Europe is serious and committed to bailing in and thus ending the bailout culture.”
Also: “severing the link between banks and their respective sovereigns”