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EU Must Speed Up Banking Union to Gain Trust, IMF Says

The International Monetary Fund urged the European Union to quickly set up an agency that would close or salvage troubled banks across the continent as part of an effort to shed a mountain of bad debt impeding economic recovery. The recommendation - one of a long list to address structural faults in the world economy - comes as European Union lawyers raised concerns about the plan to set up a so-called banking union. Banks in euro-zone countries hit hardest by the debt crisis ...

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