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The Boston Globe

Business

Europe deadlocks on bank supervisor

Spain’s minister warns delay will unsettle markets

BRUSSELS — European Union finance ministers were deadlocked Tuesday over how to create a single banking supervisor for the eurozone, a new system that is supposed to prevent financial crises.

The ministers agreed to reconvene next week, a day ahead of a summit of EU leaders, who had been hoping to focus on the design of a banking union — something they agreed on last summer as a way to safeguard the industry after member countries racked up enormous debts bailing out banks.

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