“The European Union will sign off on a slew of major reforms this week to allow failing banks to be wound down without public money, clearing its desk before elections in May that may lead to a slower pace of legislation.

“This week is the final plenary session of the European Parliament before it breaks up ahead of the vote in May.

“The welter of rules the bloc has approved since the worst financial crisis in a generation began unfolding from a corner of the U.S. housing market in 2007 is fundamentally reshaping the banking and securities industry.

“The rule changes also strengthen the bloc’s grip on capital markets at the expense of national governments to an extent few federalists would have dared to dream of, as policymakers want to avoid more taxpayer bailouts of banks and euro zone countries.”

***

Read full Reuters article here.