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 today 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."