EU finance ministers will be discussing the creation of the Single Resolution Mechanism (SRM, the EU body that will help failing banks) this weekend at their meeting in Vilnius. According to Reuters, the legal opinion from the finance ministers' lawyers says: 'Article 114 (of the existing treaty) may be a suitable legal basis for the establishment of the SRM as long as such a mechanism responds to a genuine need of uniform application of the rules on resolution that could not be achieved through other methods of harmonization'.
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