{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='EU agrees rules for permanent bailout fund to rescue banks from failure' data-url='/boclips/videos/5c54befcd8eafeecae13fc0d' data-video-url='/boclips/videos/5c54befcd8eafeecae13fc0d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nEU agrees rules for permanent bailout fund to rescue banks from failure\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Mid of German Finance Minister Wolfgang Schaeuble approaching microphones for news briefing2. Mid of cameraman3. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:\"We have made an important step on the way to the banking...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Mid of German Finance Minister Wolfgang Schaeuble approaching microphones for news briefing\u003cbr/\u003e2. Mid of cameraman\u003cbr/\u003e3. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:\u003cbr/\u003e\"We have made an important step on the way to the banking union by agreeing on the main points for a future regime for direct bank recapitalisation.\"\u003cbr/\u003e4. Mid of Schaeuble\u003cbr/\u003e5. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:\u003cbr/\u003e\"We need the banking union to improve the trust of the financial markets in the stability of the European banking system that we accelerate with the process of growth.\"\u003cbr/\u003e6. Wide of Irish Finance Minister Michael Noonan walking past flags towards journalists\u003cbr/\u003e7. Close of camera\u003cbr/\u003e8. SOUNDBITE (English) Michael Noonan, Irish Finance Minister:\u003cbr/\u003e\"What we have got tonight is an agreement that the framework under which the ESM (European Stability Mechanism) will operate will have the potential of directly recapitalising the banks on a case by case basis.\"\u003cbr/\u003e9. Mid of flags\u003cbr/\u003e10. Mid of Greek Finance Minister Yannis Stournaras talking to journalists\u003cbr/\u003e11. SOUNDBITE (English) Yannis Stournaras, Greek Finance Minister (speaking about International Monetary Fund report):\u003cbr/\u003e\"I have not read the report fully because I was in the eurogroup but nothing of this kind has been said during the eurogroup. If the IMF, the report, a Greek journalist told me that they refer to the (INAUDIBLE) SMPs (Securities Market Programme), so that is obligations of other European countries, but in the room, nothing like this has been said by the IMF.\" \u003cbr/\u003e12. Mid of Stournaras talking to media\u003cbr/\u003e13. Wide of French Finance Minister Pierre Moscovici arriving at news conference\u003cbr/\u003e14. Mid of journalist\u003cbr/\u003e15. SOUNDBITE (French) Pierre Moscovici, French Finance Minister:\u003cbr/\u003e\"I am very satisfied that six months after the agreement on the integrated supervision, at the end of 2012, we built this second pillar of the banking union. I am very satisfied also that this tool is credible and strong, very satisfied that it responds really to the demands of the European Council to break the vicious circle between the banking crisis and the sovereign crisis which was destabilising during the financial crisis. This is one more step towards the stabilisation of the eurozone.\"\u003cbr/\u003e16. Wide of Moscovici\u003cbr/\u003eEuro finance ministers on Thursday agreed on broad guidelines on how to use the bloc's permanent bailout fund to rescue banks from failure, a long-promised goal to stabilise the bloc's financial system.\u003cbr/\u003eEnabling the 500 billion euro (670 (b) billion US dollars) rescue fund to shore up struggling banks directly is a pillar of Europe's so-called banking union, which seeks to hand European institutions the job of supervision and rescue rather than leaving weaker member states to fend for themselves.\u003cbr/\u003e\"We have made an important step on the way to the banking union by agreeing on the main points for a future regime for direct bank recapitalisation,\" said German Finance Minister Wolfgang Schaeuble.\u003cbr/\u003e\"We need the banking union to improve the trust of the financial markets in the stability of the European banking system,\" Schaeuble said.\u003cbr/\u003eIt will still take some time for the European Stability Mechanism to kick and Irish Finance Minister Michael Noonan estimated it at \"12 months or so.ďż˝\u003cbr/\u003eSchaeuble and others cautioned, however, that despite a political agreement on the broad strokes, many operational details have yet to be hammered out.\u003cbr/\u003eThe policy was announced by EU leaders a year ago at the height of the eurozone's three-year-old debt crisis. \u003cbr/\u003eHowever, some countries, led by financial heavyweight Germany, have since sought to slow down the project and limit its scope. \u003cbr/\u003eThey fear that they might have to spend their taxpayers' money to rescue ailing banks in countries which didn't oversee the sector properly in the first place.\u003cbr/\u003eThe initial idea of the banking union was to ensure that ailing banks don't wreck a nation's finances to the point that it might be forced to seek a bailout itself, as in the case of Ireland or Cyprus. \u003cbr/\u003eThe European Stability Mechanism's (ESM) firepower to recapitalise banks will also be limited to 60 billion euros (79.1 (b) billion US dollars) to maintain the fund's top-notch credit rating, which it needs to raise money on the international bond markets.\u003cbr/\u003eLending to banks that have lost market access is considered to be significantly riskier than lending to governments, for which it was initially set up as backstop, and so would hurt the ESM's credit rating.\u003cbr/\u003eGermany and France insisted last month that the operational criteria for direct bank recapitalisations can't be finalised before an agreement on two other pillars of the banking union will be reached. \u003cbr/\u003eOne of them, a set of rules on how to unwind banks, including a clear pecking order of who will be hit in case of bank failures, will be discussed by a meeting of the EU's 27 finance ministers on Friday. \u003cbr/\u003eThe second precondition is an agreement on a Europe-wide joint deposit guarantee _ a discussion that has barely started.\u003cbr/\u003eAnother sticking point is to what extent the ESM would also intervene to help ailing banks whose problems stem from before the planned ECB takeover over as supervisor. \u003cbr/\u003eIreland's Noonan said the scope of such retroactivity was secured.\u003cbr/\u003e\"What we have got tonight is an agreement that the framework under which the ESM (European Stability Mechanism) will operate will have the potential of directly recapitalising the banks on a case by case basis,\" Noonan said.\u003cbr/\u003eThey also gave the final approval to a set of rules that requires EU banks to hold more capital to better withstand shocks from next year on. \u003cbr/\u003eThe rules, the internationally agreed Basel III regulations, were adopted with qualified majority. \u003cbr/\u003eOnly Britain voted against them since they were tied to a law that caps bonuses bankers can receive that London opposes.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex 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