Europe Has `Urgent' Need for Bank-Failure Plan, Economists Say - by Scott Lanman
European officials have an ``urgent'' need of plans to cope with a failing bank, particularly in countries where lenders' assets exceed the size of the economy, according to a paper presented today at an annual Federal Reserve conference. Failure of a large bank in Belgium, Switzerland or a similar country would require cooperation across borders to avert broad economic damage, Franklin Allen of the University of Pennsylvania and the University of Frankfurt's Elena Carletti wrote in the paper.
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