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BRUSSELS (AP) - European Parliament leaders are threatening to hold up the legislation establishing a common authority to restructure or shut down failing banks.

The EU's 28 finance ministers reached a deal in December on how to set up that bank resolution authority, which they say will be a final step in building Europe's banking union. But many EU lawmakers, whose approval is needed, find the proposal flawed.

Their caucus leaders said in a joint statement Thursday the current state of negotiations to find a compromise "is not promising given the wide differences ... meaning that no deal before the European elections in May is a distinct possibility."

EU officials say failing to pass the legislation by May would considerably delay the project and undermine the efforts to stabilize the bloc's financial system.


(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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